20世纪90年代中期以来,货币“超发”现象在我国持续存在。然而,长期的货币超发却并未导致以CPI衡量的持续通货膨胀,这种现象被称为“中国之谜”。经典的货币数量论、经济货币化理论以及经济虚拟化理论都曾对这种现象进行过解释。作为对现有解释的一种重要补充,本文基于国际大宗商品价格波动的视角,对货币超发背景下的物价总水平变动进行了研究分析,结果发现,国际大宗商品价格波动可以成为解释“中国之谜”形成的重要因素。 Since the mid-1990s, the phenomenon of “super hair” has continued to exist in China. However, the long-term currency oversupply has not led to continuous inflation measured by the CPI. This phenomenon is known as the “China Mystery.” Classical theory of the quantity of money, the theory of economic monetization, and the theory of economic virtualization have all explained this phenomenon. As an important supplement to the existing interpretation, based on the perspective of fluctuations in international commodity prices, this article studies the changes in the general level of prices in the context of the oversupply of currencies and finds that fluctuations in the prices of international commodities can become an explanation.” China’s mystery "An important factor in the formation.