Global money supply is soaring: China’s M1 money supply is now up +4.6% YoY, to a record 16 trillion. This marks an acceleration from the +2.3% increase in May and the +0.4% increase at the start of the year. China’s M1 is twice as large as the US’s M1, excluding savings deposits, which stands at 8 trillion. It also accounts for 33% of the G10’s total M1, positioning China as a key driver of global liquidity. We view money supply as a key leading indicator which suggests upward price pressures could return in the coming months. Is global inflation about to reaccelerate?(The Kobeissi Letter)