求翻译：货币当局发行货币也不再简单地受黄金储备影响，整体上货币政策偏松造成全球流动性普遍过剩，并由此可能造成实体经济更严重的周期性波动。是什么意思？

Monetary authorities to issue currency is no longer influenced by the gold reserves, the overall partial loose monetary policy caused widespread excess of global liquidity, which may result in the real economy more severe cyclical fluctuations.

Monetary authorities issue currency is no longer simply the gold reserves, and impact on the whole monetary policy too loose widespread excess global liquidity, and thus more likely to cause serious economic entities of cyclical fluctuations.

The currency authority release currency no longer simply the gold reserve influence, in the whole the monetary policy leaning pine is also created the global fluidity universally surplus, from this and possibly creates the entity economy more serious periodicity undulation.

Monetary authorities to issue currency is no longer simply the effects of gold reserves, generally cause excess global liquidity generally relatively loose monetary policy, and this may cause more severe cyclical fluctuations of the real economy.

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