1. Broad money rose by 8 percent
At end-April, broad money supply (M2) stood at RMB325.17 trillion, rising by 8 percent year on year. Narrow money supply (M1), at RMB109.14 trillion, grew by 1.5 percent year on year. The amount of currency in circulation (M0) was RMB13.14 trillion, an increase of 12 percent year on year. The first four months saw a net money injection of RMB319.3 billion.
2. RMB loans grew by RMB10.06 trillion in the first four months
At end-April, outstanding RMB and foreign currency loans totaled RMB269.54 trillion, up 6.8 percent year on year. Outstanding RMB loans stood at RMB265.7 trillion, registering a year-on-year growth of 7.2 percent.
In the first four months, RMB loans expanded by RMB10.06 trillion. By sector, household loans increased by RMB518.4 billion, with short-term loans falling by RMB241.6 billion and medium and long-term (MLT) loans rising by RMB760.1 billion; loans to enterprises and public institutions grew by RMB9.27 trillion, with short-term loans, MLT loans and bill financing increasing by RMB3.03 trillion, RMB5.83 trillion and RMB289.9 billion, respectively; and loans to non-banking financial institutions rose by RMB76.8 billion.
At end-April, outstanding foreign currency loans stood at USD533.3 billion, down 18.1 percent year on year. The first four months saw a slide of USD8.8 billion in foreign currency loans.
3. RMB deposits increased by RMB12.55 trillion in the first four months
At end-April, the outstanding amount of RMB and foreign currency deposits was RMB321.68 trillion, up 8.2 percent year on year. RMB deposits recorded an outstanding amount of RMB314.78 trillion, rising by 8 percent year on year.
In the first four months, RMB deposits increased by RMB12.55 trillion. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits and deposits of non-banking financial institutions rose by RMB7.83 trillion, RMB410.3 billion, RMB1.19 trillion and RMB1.88 trillion, respectively.
At end-April, the outstanding amount of foreign currency deposits was USD958.2 billion, up 16.1 percent year on year. The first four months saw an increase of USD105.3 billion in foreign currency deposits.
4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in April stood at 1.73 percent and 1.72 percent respectively
In April, lending, cash bond and repo transactions in the interbank RMB market totaled RMB176.45 trillion, with the daily average declining by 4 percent year on year to RMB8.02 trillion. Specifically, the average daily turnovers of interbank lending, cash bond trading and pledged repo trading dropped by 25.2 percent, 7.5 percent and 1.8 percent year on year, respectively.
The monthly weighted average interest rate for interbank lending in April stood at 1.73 percent, down 0.12 percentage points month on month and 0.14 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.72 percent, down 0.15 percentage points month on month and 0.14 percentage points year on year.
5. RMB cross-border settlement under the current account reached RMB1.51 trillion and RMB cross-border settlement of direct investment posted RMB0.72 trillion for April
RMB cross-border settlement under the current account reached RMB1.51 trillion for April, including RMB1.16 trillion in settlement of trade in goods and RMB0.35 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB0.72 trillion for the month, of which ODI and FDI posted RMB0.25 trillion and RMB0.47 trillion, respectively.
Notes:
1. Data for the current period are preliminary.
2. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies and organizations.
3. Starting from January 2023, the People’s Bank of China (PBOC) has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies, and financial asset investment companies.
4. Starting from January 2025 statistics, the PBOC has revised the measurement of narrow money supply (M1). The revised M1 consists of currency in circulation (M0), corporate demand deposits, personal demand deposits, and customers’ reserve funds with non-bank payment institutions. Adjusted accordingly on a comparable basis, the month-end M1 balances and growth rates of 2024 are shown below.
Jan. 2024 |
Feb. 2024 |
Mar. 2024 |
Apr. 2024 |
May 2024 |
Jun. 2024 |
|
M1 Balances (RMB100 million) |
1120120 |
1093158 |
1117433 |
1075084 |
1064391 |
1089170 |
YOY Growth Rates |
3.3% |
2.6% |
2.3% |
0.6% |
-0.8% |
-1.7% |
Jul. 2024 |
Aug. 2024 |
Sept. 2024 |
Oct. 2024 |
Nov. 2024 |
Dec. 2024 |
|
M1 Balances (RMB100 million) |
1051800 |
1049684 |
155410 |
1054884 |
1076379 |
1113069 |
YOY Growth Rates |
-2.6% |
-3.0% |
-3.3% |
-2.3% |
-0.7% |
1.2% |