New Renminbi Lending at 905.7 Billion Yuan in February, M2 Rises 8.8% YoY

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The People’s Bank of China (PBOC has just released its latest round of figures on China’s monetary system in the month of February.

As of the end of February China’s broad M2 money supply balance was 203.08 trillion yuan, for a YoY rise of 8.8%, and accelerations of 0.4 and 0.8 percentage points compared to the end of the previous month and the same period last year respectively.

The narrow M1 money supply balance was 55.27 trillion yuan, for a YoY rise of 4.8%, and accelerations of 4.8 and 2.8 percentage points compared to the end of the previous month and the same period last year respectively.

The M0 balance was 8.82 trillion yuan, for a YoY rise of 10.9%, and a net drainage of 506.2 billion yuan in cash that month.

The domestic and foreign currency loan balance was 163.07 trillion yuan as of the end of February, for a YoY rise of 11.7%.

The renminbi lending balance was 157.36 trillion yuan, for a YoY rise of 12.1%, for growth on par with February and a deceleration of 1.3 percentage points compared to the same period last year.

During the first two months of 2020 renminbi loans increased 4.24 trillion yuan, for an increase of 130.8 billion yuan compared to the same period last year.

Household lending increased 220.9 billion yuan, with a reduction in short-term loans of 565.3 billion yuan, and an increase in medium and long-term loans of 786.2 billion yuan.

Enterprise unit lending increased 3.99 trillion yuan, including an increase of 1.42 trillion yuan in short-term loans, and an increase of 2.08 trillion yuan in medium and long-term loans.

New renminbi lending was 905.7 billion yuan in February, for an expansion of 19.9 billion yuan compared to the same period last year.

Household lending fell 413.3 billion yuan, including a 450.4 billion yuan reduction in short-term lending and a 37.1 billion yuan increase in medium and long-term loans.

Enterprise unit lending increased 1.13 trillion yuan, including a 654.9 billion yuan increase in short-term loans, and a 415.7 billion yuan increase in medium and long-term loans.

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