From 2003 to 2009, the Backing Ratio for the Chinese

Multiple Choice

From 2003 to 2009, the backing ratio for the Chinese economy rose to more than 100%. How did this happen?

A) China's monetary authority printed new money and sold it for foreign reserves.
B) The export revenues were piling up, and China held them rather than spent them.
C) China's monetary authority sold large amounts of sterilization bonds, even as they increased the supply of money.
D) China reverted to a gold standard.