China’s M2 Money Supply Rises 11.1% YoY in April, Renminbi Loans Increase by 1.7T Yuan: Central Bank Data

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The People’s Bank of China (PBOC) has just released its statistical report on the money supply of the Chinese financial system in April.

As of the end of April China’s M2 money supply balance was 209.35 trillion yuan, for YoY growth of 11.1%.

This growth rate marked a rise of 1 percentage point compared to the preceding month, and 2.6 percentage points compared to the same period last year.

The M1 money supply balance was 57.02 trillion yuan, for YoY growth of 5.5%, and an acceleration of 0.5 and 2.6 percentage points compared to the end of the preceding and the same period last year respectively.

The M0 balance was 8.15 trillion yuan, for YoY growth of 10.2%, and a cash withdrawal of 153.7 billion yuan.

The domestic and foreign currency loan balance was 167.79 trillion yuan at the end of April, for a YoY rise of 12.9%.

As of the end of April the renminbi loan balance was 161.91 trillion yuan, for a YoY rise of 13.1%, and an acceleration of 0.4 percentage points compared to the end of the preceding month, yet a deceleration of 0.4 percentage points compared to the same period last year.

Renminbi loans increased by 1.7 trillion yuan in April, for an increase of 681.8 billion yuan compared to the reading for the same period last year.

Household lending increased by 666.9 billion yuan, including 228 billion yuan in short-term loans and 438.9 billion yuan in medium and long-term loans.

Enterprise and organisation loans increased by 956.3 billion yuan, including a reduction in short-term loans of 6.2 billion yuan, and an increase in medium and long-term loans of 554.7 billion yuan.

Bills financing increased 391 billion yuan, and non-bank financial institution loans increased 40.4 billion yuan.

As of the end of April the foreign currency loan balance was USD$833.1 billion, for a YoY rise of 1.6%.

Domestic and foreign currency deposits were 207.59 trillion yuan as of the end of April, for a YoY rise of 9.7%.

The renminbi deposit balance was 202.26 trillion yuan, for a YoY rise of 9.9%, and an acceleration of 0.6 percentage points compared to the end of the preceding month, and 1.4 percentage points compared to the same period last year.

Renminbi deposits increased by 1.27 trillion yuan in April, 1.01 trillion yuan ahead of the figure for the same period last year.

Household deposits fell by 799.6 billion yuan, while non-financial enterprise deposits increased 1.17 trillion yuan, and fiscal deposits increased 52.9 billino yuan.

Non-bank financial institution deposits increased by 857.1 billion yuan.

As of the end of April the foreign currency deposit balance was USD$754.5 billion, for a YoY decline of 1.7%. In April foreign currency deposits fell $11 billion, for a decline of $9.3 billion compared to the same period last year.

In April the interbank renminbi market saw a total of 148.19 trillion yuan in transactions via borrowing, cash and repurchases, for an average daily transaction volume of 6.74 trillion yuan, and a YoY rise in daily transaction levels of 42.6%.

Daily interbank borrowing rose by 26.1% YoY, while daily pledged repo transactions rose by 46% YoY.

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