New RMB Lending at 1.18tn Yuan in April, M2 YoY Growth at 8.3%

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The latest official data points to a sharp year-on-year slowdown in the growth of China’s M2 money supply.

According to China’s official financial data report for April 2018 the M2 balance stood at 173.77 trillion yuan as of the end of April, for year-on-year growth of 8.3%.

The April growth rate marks an acceleration of 0.1 percentage points compared to the end of the previous month, but a deceleration of 1.5 percentage points compared to the same period last year.

The M1 money supply balance stood at 52.54 trillion yuan, for YoY growth of 7.2%, or an acceleration of 0.1 percentage points compared to the preceding month, but a deceleration of 11.3 percentage points compared to the same period last year.

The M0 balance was 7.15 trillion yuan, for YoY growth of 4.5%.

As of the end of April the domestic and foreign currency loan balance was 131.7 trillion yuan, for YoY growth of 11.9%.

The RMB loan balance as of the end of April was 126.16 trillion yuan, for YoY growth of 12.7%, and an acceleration of 0.1 percentage points compared to the end of the preceding month, as well as an acceleration of 0.2 percentage points compared to the same period last year.

New RMB lending hit 1.18 trillion yuan in April, 79.7 billion yuan ahead of the reading for the same period last year.

Household loans rose by 528.4 billion yuan, including 174.1 billion of short-term loans, and 354.3 billion yuan in medium and long-term loans.

New lending to non-financial enterprises and entities was 572.6 billion yuan, including 73.7 billion yuan in short-term lending, and 466.8 billion yuan in medium and long-term lending.

Notes financing increased by 2.3 billion yuan, while non-bank financial institution lending increased by 68.5 billion yuan.

As of the end of April the foreign currency loan balance increased by $4.2 billion to reach USD$874.5 billion, for a YoY rise of 5.2%.

As of the end of April the domestic and foreign currency deposit balance stood at 174.88 trillion yuan, for a YoY rise of 8.4%.

The RMB deposit balance was 169.72 trillion yuan, for a YoY rise of 8.9% and an acceleration of 0.2 percentage points compared to the previous month, but a deceleration of 0.9 percentage points compared to the  same period last year.

In April RMB deposits increased by 535.2 billion yuan, 272.1 billion yuan ahead of the increase for the same period last year.

Household deposits fell by 1.32 trillion yuan, while non-financial enterprise deposits increased by 545.6 billion yuan, government financial deposits rose by 718.4 billion yuan, and non-bank financial institution deposits increased by 361.8 billion yuan.

As of the end of April the foreign currency deposit balance in China fell by $22.2 billion to $814.6 billion, for a YoY rise of 4.8%.

China’s interbank RMB market saw a total of 67.18 trillion yuan of transactions in April, for a daily average of 3.36 trillion yuan, and an increase in the daily average of 12.9% compared to the same period last year.

Cross-border goods trading that used the RMB for settlement totalled 270.28 billion yuan, while for the service trade and other current accounts the figure was 105.68 billion yuan.

54.58 billion yuan in outbound direct foreign investment used the RMB for settlement, while the figure for foreign direct investment into China was 112.27 billion yuan.

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