In the long run, only currency is neutral. Monetary policy is mature and steady, which is linked to China's economic environment. The main goal of monetary policy is to fight inflation, and China's rising prices are not inflation. Inflation is the price increase caused by excessive currency issuance, and the price increase is more related to the rising labor cost. It is more difficult for monetary policy to control the resulting price increase. When the situation arises, the policy is tighter and the price cannot be reduced to the ideal level. As soon as the policy is relaxed, prices will rise rapidly. This determines that monetary policy will remain neutral for a long time.