The Chinese central bank has released new data for credit and money supply growth in the month of August 2018.
Figures from the People’s Bank of China (PBOC) indicate that as of the end of August the M2 money supply balance was 178.87 trillion yuan for YoY growth of 8.2%, or a deceleration of 0.3 percentage points compared to the previous month and 0.4 percentage points compared to the same period last year.
The M1 money supply balance was 53.83 trillion yuan for YoY growth of 3.9%, or a deceleration of 1.2 percentage points compared to July and 10.1 percentage points compared to the same period last year.
The M0 money supply was 6.98 trillion yuan, for YoY growth of 3.3%. August saw a net cash injection of 24.5 billion yuan.
Initial data indicates that total social financing was 1.52 trillion yuan in August, for a YoY decline of 37.6 billion yuan.
The renminbi and foreign currency loan balance was 137.59 trillion yuan as of the end of August, for YoY growth of 12.8%.
The renminbi loan balance was 131.88 trillion yuan, for YoY growth of 13.2%, which was roughly on par with the rate for the previous month and the same period last year.
New renminbi loans were 1.28 trillion yuan, for an increase of 183.4 billion yuan compared to the same period last year.
Household lending increased 701.2 billion yuan, including 259.8 billion yuan in short-term loans and 441.5 billion yuan in medium and long-term loans.
The foreign currency loan balance was USD$836 billion, for YoY growth of 0.4%. Foreign currency loans fell by $6.2 billion in August.
The monthly weighted average interest rate for the interbank renminbi loan market was 2.29% in August, for a decline of 0.18 percentage points compared to the preceding month and 0.67 percentage points compared to the same period last year.
The monthly weighted average rate for pledge-style bond repos was 2.25% in August, for a decline of 0.18 percentage points compared to the preceding month, and 0.84 percentage points compared to the same period last year.