China’s yuan loans grow by 21.58 trillion yuan from Jan. to Nov.

By admin Dec14,2023

China’s yuan-denominated loans rose by 21.58 trillion yuan ($3.03 trillion) in the first 11 months of this year, the People’s Bank of China, the country’s central bank, said on Wednesday.

Chinese banks extended close to 1.09 trillion yuan worth of new yuan loans in November alone. 

Meanwhile, the M2, a broad measure of money supply that covers cash in circulation and all deposits, climbed 10 percent year on year to 291.2 trillion yuan as of the end of November.

The M1, which covers cash in circulation plus demand deposits, stood at 67.59 trillion yuan as of the end of November, up 1.3 percent year on year.

The M0, the amount of cash in circulation, went up 10.4 percent from a year ago to 11.02 trillion yuan as of the end of last month.

Newly-added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 33.65 trillion yuan during the first 11 months, 2.79 trillion yuan more than the same period last year.

The annual Central Economic Work Conference, held in Beijing from Monday to Tuesday, stressed efforts to maintain reasonable and sufficient liquidity, and keep the scale of social financing and money supply in line with the expected targets for economic growth and price levels.

(Source: Xinhua with edits; Cover via CFP)

By admin

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *