Renminbi Loans up 12.3% YoY in April, Total Social Financing in China Contracts

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The Chinese central bank has released its latest raft of data on the state of China’s finance system in the month of April.

As of the end of April the broad M2 money supply balance stood at 226.21 trillion yuan, for a YoY increase of 8.1%, and a deceleration of 1.3 percentage points compared to the previous month and 3 percentage points compared to the same period last year, according to data from the People’s Bank of China (PBOC).

The narrow M1 money supply balance was 60.54 trillion yuan, for a YoY rise of 6.2%, and a deceleration of 0.9 percentage points compared to the end of the previous month, as well as an acceleration of 0.7 percentage points compared to the same period last year.

The M0 balance was 8.58 trillion yuan, for a YoY rise of 5.3%, and net cash withdrawals of 74 billion yuan that month.

The domestic and foreign currency loan balance stood at 187.85 trillion yuan at the end of April, for a YoY rise of 12%.

The renminbi loan balance was 181.88 trillion yuan at the end of April, for a YoY rise of 12.3%, and decelerations of 0.3 percentage points compared to the previous month and 0.8 percentage points compared to the same period last year.

Renminbi loans increased 1.47 trillion yuan in April, 229.3 billion yuan less than the increase for the same period last year, yet 452.5 billion yuan ahead of the figure for the same period in 2019.

Household loans increased by 528.3 billion yuan, including 36.5 billion yuan in short-term loans and 491.8 billion yuan in medium and long-term loans.

Enterprise and entity loans increased by 755.2 billion yuan, including a reduction of 214.7 billion yuan in short-term loans and an increase of 660.5 billion yuan in medium and long-term loans, alongside an increase of 271.1 billion yuan in notes financing.

Non-banking sector financial institution loans increased 153.2 billino yuan.

Foreign currency loans stood at USD$923.2 billion at the end of April, for a YoY rise of 10.8%. Foreign currency loans increased by $6.6 billion that month, $14.1 billion less than the figure for the same period last year.

The total social financing increase was 1.85 trillion yuan in April, 1.25 trillion yuan less than the figure for the same period last year, and 179.7 billion yuan ahead of the figure for the same period in 2019.

The domestic and foreign currency deposit balance was 226.69 trillion yuan at the end of April, for a YoY rise of 9.2%.

The renminbi deposit balance was 220.2 trillion yuan, for an increase of 8.9% compared to the same period last year, for decelerations of one percentage point compared to the preceding month and the same period last year.

In April renminbi deposits fell by 725.5 billion yuan, with household deposits falling 1.57 trillion yuan, and non-financial enterprise deposits declining by 355.6 billion yuan. Fiscal deposits increased by 577.7 billion yuan, while non-banking sector financial institution deposits increased by 526.8 billion yuan.

In April the interbank loan weighted average interest rate was 2.01%, holding steady with the figure for the previous month and 0.9 percentage points ahead of the figure for the same period last year.

The secured repo weighted average interest rate was 1.96%, 0.05 percentage points less than the previous month, and 0.85 percentage points ahead of the same period last year.

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