Don't believe that inflation comes first: it's a monetary tightening cycle, and there is no inflation, only deflation. Monetary tightening will continue, and the year-on-year growth rate of M2 has begun to decline, and there will be no significant new credit in the future

Don't believe in inflation

First: it is now a monetary tightening cycle, there is no inflation, only deflation. Monetary tightening will continue, and the year-on-year growth rate of M2 has begun to decline, and there will be no significant increase in M2 demand for new credit in the future.

Second: In the deflationary wage price stage, the increase in income decreases and leads to weakness on the demand side, both CPI and PPI will continue to fall, do not believe in the so-called inflation at this stage.

Third: exchange rate stability is fundamental, let alone so-called imported inflation.

Fourth: whether it is M2 and M1 or CPI and PPI, it is a downward trend, saving expenses and reducing investment in the short term.