Inflation will only occur when the growth in currency issuance exceeds the demand for money.

The real interest rate is the deposit rate - inflation (not the M2 growth rate).

According to official standards, it is almost not negative interest rates.

But in fact, there are official interest rates in the Chinese market, as well as other market interest rates, such as SHIBOR and financial product interest rates. The latter two actually reflect semi-market interest rates. Which one to use depends on your research direction.