The latest data from the Chinese central bank points to robust increases in lending levels since the start of 2019.
As of the end of September the M2 broad money supply balance was 195.23 trillion yuan, for a YoY rise of 8.4%, and acceleration of 0.2 percentage points and 0.1 percentage points respectively compared to the previous month and the same period last year.
The M1 balance was 55.71 trillion yuan, for YoY growth of 3.4%, holding steady with the preceding month and 0.6 percentage points lower than the reading for the same period last year.
The M0 balance was 7.41 trillion yuan, for YoY growth of 4%, and a net cash injection of 92.1 billion yuan during the first three quarters.
As of the end of September the domestic and foreign currency loan balance was 155.58 trillion yuan, for YoY growth of 12%.
The renminbi loan balance stood at 149.92 trillion yuan for YoY growth of 12.5%, and an acceleration of 0.1 percentage points compared to the previous month as well as a deceleration of 0.7 percentage points compared to the same period last year.
Renminbi lending increased 13.63 trillion yuan during first three quarters, 486.7 billion yuan ahead of the figure for the same period last year.
Household sector loans increased 5.68 trillion yuan, including 1.54 trillion yuan in short-term loans and 4.14 trillion yuan in medium and long-term loans.
Non-financial enterprise and institution loans increased 8.22 trillion yuan, including 1.47 trillion yuan in short-term loans, 4.84 trillion yuan in medium and long-term loans and 1.73 trillion yuan in notes financing.