you should -5
because the NCD issued by licensed banks (12) includes also those held by the authorized institutions
hope it helps! (:
feel free to pm me if youve got any questions about econ in future 作者: PandaBear 時間: 2015-7-26 04:47 PM
作者: ykchui 時間: 2015-7-26 09:26 PM
作者: cs16744 時間: 2015-8-6 11:54 PM
C
legal tender in the circulation=Cp
NCDs held by authorized institutions means those NCDs are not held by non-bank public,so you need to minus 5 from 12