They just broadened what M1 encompasses. This happened in the US during the pandemic. $M1 is a deprecated metric now because they made checking and savings accounts basically count as the same thing, after removing restrictions on savings transfers. That’s why the old $M1 chart looks crazy. I know because countless times I’ve had to tell people who’ve frantically shared the $M1 chart who thought the rule change spike was money printing.

https://www.chinadaily.com.cn/a/202412/02/WS674db6cda310f1265a1d0a4e.html