中文摘要：

本文基于对1994年以来的相关季度数据，着重从供给与需求角度，对广义货币这一层次的流动性进行探讨；认为存在一定程度的这一层次的流动性过剩问题，货币当局可能需要进一步加大操作力度。

英文摘要：

Based on the data since 1994, this paper analyses excess liquidity from the perspective of broad money （M2） supply and money demand. It is concluded that excess liquidity exists in the sense of broad money, and monetary authority should strengthen its operation.