Chinese Central Bank Releases First Quarterly Data Report Since COVID-19 Outbreak

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The People’s Bank of China (PBOC) has just released its financial data report for the first quarter of 2020 – the first such report to be released since the spread of COVID-19.

As of the end of March China’s broad M2 money supply balance was 208.09 trillion yuan, for YoY growth of 10.1%, and an acceleration of 1.3 percentage points and 1.5 percentage points compared to the preceding month and the same period last year respectively.

The narrow M1 money supply balance 57.51 trillion yuan, for YoY growth of 5%, and accelerations of 0.2 and 0.4 percentage points compared to the preceding month and the same period last year respectively.

The M0 money supply balance was 8.3 trillion yuan, for YoY growth of 10.8%, and a net cash injection of 583.3 billion yuan.

As of the end of March the domestic and foreign currency loan balance was 165.97 trillion yuan, for YoY growth of 12.3%.

The renminbi loan balance was 160.21 trillion yuan, for YoY growth of 12.7%, and an acceleration of 0.6 percentage points compared to the previous month as well as a deceleration of 1 percentage point compared to the same period last year.

Renminbi loans increased by 7.1 trillion yuan in the first quarter, 1.29 trillion yuan more than the reading for the same period last year.

Household loans increased 1.21 trillion yuan, including a reduction of 50.9 billion yuan in short-term loans and an increase of 1.26 trillion yuan in medium and long-term loans.

Enterprise unit loans increased 6.04 trillion yuan, including an increase of 2.3 trillion yuan in short-term loans and an increase of 3.04 trillion yuan in medium and long-term loans, as well as an increase in bills financing of 630.5 billion yuan, and a reduction in loans to non-banking sector financial institutions of 172.9 billion yuan.

In the month of March alone renminbi loans increase 2.85 trillion yuan, 1.16 trillion yuan ahead of the figure for the same period last year.

As of the end of March the foreign currency loan balance stood at USD$812.4 billion, for a YoY decline of 3.4%.

Foreign currency loans increased by $25.5 billion in the first quarter, for a decline of $20.6 billion compared to the same period last year.

In the month of March foreign currency loans declined by $3.3 billion, for a reduction $9.5 billion greater than the same period last year.

As of the end of March the domestic and foreign currency deposit balance stood at 206.42 trillion yuan, for a YoY rise of 9.2%.

The renminbi deposit balance stood at 200.99 trillion yuan, for a YoY increase of 9.3%, and acceleration of 1.2 and 0.6 percentage points compared to the preceding month and the same period last year respectively.

In the first quarter renminbi deposits increased 8.07 trillion yuan, 1.76 trillion yuan more than the increase for the same period last year.

Household deposits increased 6.47 trillion yuan, non-financial enterprise deposits increased 1.86 trillion yuan, fiscal deposits fell by 314.3 billion yuan, and non-banking sector financial institution deposits fell 371.3 billion yuan.

As of the end of March the foreign currency deposit balance was $765.4 billion, for a YoY decline of 0.5%.

Foreign currency deposits increased $7.6 billion in the first quarter, $33.7 billion less than the increase for the same period last year.

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