Year

Real value of $\ln \left(\frac{M_0}{P}\right)$

Predicted value of $\ln \left(\frac{M_0}{P}\right)$

The share of offshore CNY stock in M₀ (%)

Scale of offshore CNY stock (100 million yuan)

1999-6

4.724

4.713

0.90

97.701

1999-12

4.887

4.830

0.80

107.442

2000-6

4.891

4.793

1.14

147.807

2000-12

4.962

4.941

1.12

164.756

2001-6

4.949

4.893

1.11

154.558

2001-12

5.049

5.007

1.12

174.985

2002-6

5.031

4.971

1.36

204.682

2002-12

5.142

5.079

1.55

267.576

2003-6

5.140

5.065

0.87

147.084

2003-12

5.247

5.236

0.84

165.096

2004-6

5.239

5.198

1.60

305.107

2004-12

5.355

5.228

1.47

315.176

2005-6

5.338

5.333

1.92

400.684

2005-12

5.468

5.225

2.62

629.250

2006-6

5.453

5.344

1.76

412.148

2006-12

5.578

5.473

1.90

513.713

2007-6

5.574

5.372

4.18

1124.884

2007-12

5.671

5.480

3.71

1126.476

2008-6

5.684

5.419

4.42

1333.696

2008-12

5.848

5.640

4.15

1421.567

2009-6

5.822

5.721

1.22

410.194

2009-12

5.926

5.877

1.33

507.198

2010-6

5.958

5.858

1.83

711.103

2010-12

6.062

5.969

1.82

814.117

2011-6

6.073

5.984

2.50

1112.054

2011-12

6.215

6.000

2.81

1425.785

2012-6

6.194

6.137

2.04

1006.494

2012-12

6.286

6.186

2.04

1112.467

2013-6

6.285

6.200

1.50

809.745

2013-12

6.356

6.257

1.56

912.290

2014-6

6.338

6.229

1.95

1112.320

2014-12

6.392

6.280

2.18

1312.887

2015-6

6.367

6.297

2.57

1507.945

2015-12

6.438

6.318

3.34

2114.062