In reality, there is a considerable scale of money driven by arbitrage motivation in the financial market, and wealth in the form of money is allocated between the entity and the virtual, which means that the cognition of the traditional monetary economics framework, especially the operation mechanism of the monetary cycle, needs to be re-combed and discussed. The real currency cycle is not simply a currency-commodity cycle mechanism based on entity construction, but a superposition mechanism of currency-commodity transaction and currency-currency transaction. In order to examine the mechanism of this superposition mechanism, this study focuses on the operation mechanism of pure money-commodity trading to superimposed money-money trading, sets the optimal choice of each subject under arbitrage incentives, and builds a DSGE model of pure money-commodity trading based on households, enterprises, commercial banks and central banks to simulate the impact of M2 shocks on output, inflation and actual profits of the financial industry. On this basis, a DSGE model covering superimposed currency-money trading mechanism, heterogeneous enterprises and non-bank financial institutions is constructed to simulate the impact of M2 shock, pledge rate shock, social financing demand shock and technology shock on output, inflation, asset price, real profit of financial industry and nominal interest rate. The results show that compared with pure money-commodity trading, the superposition of money-money trading significantly reduces the stimulus of M2 on output, and triggers the shift from real to virtual. The introduction of the pledge mechanism has exacerbated the shift from reality to virtuality. And stimulating social financing needs and technological improvement can alleviate the transition from real to virtual. Therefore, in the future, China should use prudent monetary policy in conjunction with policies that activate social financing needs and technological improvement to better alleviate the transition from reality to virtuality and achieve high-quality economic development in China.