The People's Bank of China explicitly states: Bank bond investment is an important way to create currency.

On May 11th, the People's Bank of China disclosed the first-quarter report on the implementation of China's monetary policy, which includes a column explaining the relationship between the central bank and the bond market. It points out that in China's bank-dominated financial system structure, bank bond investment, like credit provision, is an important way to finance the real economy and also a crucial means of monetary creation.