The Minimum Reserve Ratio in China

China has operated its system. The minimum reserve ratio is where the banks are, you have to hold a certain sense of your reserves with the authorities. And so that exists because there you are, this export powerhouse, and these dollars are flooding into your system. But you're in Beijing and you need red cabbage, which sounds kind of, I should be saying red cabbage. You can't buy your red cabbage with dollars, you need domestic currency. So the central bank steps in, it gives you that, but what you're doing is like the gold, you're putting high power of money. It resulted in this profoundly overvalued property market, which I want to say is $60 trillion