The latest official data indicates that China’s new lending and M2 money supply growth both fell short of forecasts in March.
Figures released by the People’s Bank of China’s official website on 13 April point to new lending of 1.12 trillion yuan in March, as compared to forecasts of 1.1909 trillion yuan, and year-on-year growth in the M2 money supply of 8.2%, as compared to forecasts of 8.9%.
As of the end of March China’s M2 money supply was 173.99 trillion yuan, with its YoY growth of 8.2% marking a deceleration of 0.6 percentage points compared to the preceding month, and 1.9 percentage points compared to the same period last year.
The M1 money supply balance was 52.35 trillion yuan, for YoY growth of 7.1%, and a deceleration of 1.4 percentages compared to the previous month, as well as 11.7 percentage points compared to the same period last year.
As of the end of March the domestic and foreign currency loan balance was 130.45 trillion yuan, for YoY growth of 11.9%.
The RMB loan balance was 123.98 trillion yuan, for YoY growth of 12.8%, holding steady with the growth rate for the preceding month, as well as 0.4 percentage points higher than the same period last year.
In the first quarter of 2018 RMB loans increased by 4.86 trillion yuan, or 633.9 billion yuan ahead of the the same period last year.
Household lending increased by 1.75 trillion yuan, of which short-term loans rose by 466.9 billion yuan, and medium and long-term loans by 1.29 trillion yuan.
Non-financial enterprise and conglomerate loans increased by 3.09 trillion yuan, including 598.7 billion yuan in new short-term lending and 2.45 trillion yuan in medium and long-term lending.
As of the end of March the foreign currency loan balance was USD$870.4 billion, for year-on-year growth of 4%.
Foreign currency loans increased by $32.4 billion in the first quarter, or $18.6 billion less than new lending in the same period last year.