"The PBC expanded the M1 definition to include personal demand deposits and prepaid funds held by non-bank payment institutions, in addition to the existing components of currency in circulation and corporate demand deposits. This change aimed to provide a more accurate reflection of money circulation efficiency and economic activity, acknowledging the increased liquidity of personal demand deposits facilitated by advancements in payment technologies"

Sure, there was a methodology change. But these always happen to coincide with times of monetary expansion. They are a great smokescreen for a bit (or a lot) of printing...