China’s M2 Money Supply up 9.4% YoY at End of January, New Loans Hit Record High

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The Chinese central bank has just released its latest round of data on China’s monetary system for the month of January.

As of the end of January China’s M2 money supply balance stood at 221.3 trillion yuan, for a YoY rise of 9.4%, and a growth deceleration of 0.7 percentage points compared to the previous month, as well as an acceleration of one percentage point compared to the same time last year.

The M1 money supply balance was 62.56 trillion yuan, for a YoY rise of 14.7%, and a growth acceleration of 6.1 percentage points compared to the previous month, as well as 14.7 percentage points compared to the same period last year.

The M0 money supply balance was 8.96 trillion yuan, for a YoY decline of 3.9%, and a net injection of cash that month of 531 billion yuan.

As of the end January the domestic and foreign currency loan balance was 182.23 trillion yuan, for a YoY rise of 12.5%.

The renminbi loan balance was 17.632 billion yuan, for a YoY rise of 12.7%, and a growth deceleration of 0.1 percentage points compared to the previous month, as well as an acceleration of 0.6 percentage points compared to the same period last year.

In January alone renminbi loans increased by a record-breaking 3.58 trillion yuan, 225.2 billion yuan ahead of the figure for the same month last year.

This included 1.27 trillion yuan in household loans, encompassing 327.8 billion yuan in short-term loans and 994.8 billion yuan in medium and long-term loans.

Enterprise loans increased 2.55 trillion yuan, encompassing 575.5 billion yuan in short-term loans and 2.04 trillion yuan in medium and long-term loans.

As of the end of January domestic and foreign currency deposit balance was 222.22 trillion yuan, for a YoY rise of 10.4%.

The renminbi deposit balance was 216.14 trillion yuan, for a YoY rise of 10.4%, and growth accelerations of 0.2 percentage points and 2.1 percentage points compared to the end of the preceding month and the same period last year respectively.

Renminbi deposits increased 3.57 trillion yuan in February, 624.5 billion yuan ahead of the reading for the same period last year.

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