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Money market funds are included in M 1 currency level statistics in China, right?
Wrong.

From June 2065438 to June 2008, the People's Bank of China improved the statistical method of money market funds in the money supply, replacing money market fund deposits (including certificates of deposit) with money market funds held by non-depository institutions.

The statistical caliber of M2 was adjusted to include all money market funds held by "non-deposit institutions" in M2. Non-deposit institutions refer to individuals and institutions other than banks, including retail investors, non-financial enterprises and non-bank financial institutions (including asset management products), and the money market funds they purchase are temporarily called "non-inventory basis".