针对央行票据过度膨胀带来的负面影响，文章认为，应该从根源上解决人民币超额发行问题。

Too much Central Bank Bill leads to some negative effect, the article concludes the problem about RMB's excess issue should be solved from the root.

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我国的“外汇资产—人民币”发行模式导致了货币的超额发行，央行票据是对中央银行超额发行债务的置换。

Because of RMB's excess issue through "foreign currency assets - RMB" model in China, Central Bank Bill as a debt tool has been replacing the excess currency.

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人人IPO的承销商队伍包括摩根士丹利（Morgan Stanley）、德意志银行（Deutsche Bank）和瑞信（Credit Suisse）等投行。 这些承销商拥有一项超额发行权，如果需求很高的话，他们有权额外销售800万股。

Underwriters – led by Morgan Stanley, Deutsche Bank and Credit Suisse – have a greenshoe option to sell another 8 million shares if demand is high.

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