Every time the State Bank of Pakistan (SBP) lets money supply grow drastically by issuing bonds or by injecting rupees on account of remittances, we expect inflation in a while. But when the People's Bank of China does something similar, no one in Beijing worries about inflation. For perspective, in 2026, Pakistan's headline inflation sits around 11%, while China's has hovered around 1%, despite both central banks expanding M2 supply by a similar magnitude. [....]