BUSINESS China's broad money supply accelerates in August

BUSINESS

China's broad money supply accelerates in August

China Daily

17:51, September 09, 2022

A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. (Photo: IC)

China's broad money supply, or M2, stood at 259.51 trillion yuan ($37.5 trillion) by the end of August, up by 12.2 percent from a year ago, indicating an accommodative monetary condition to support the economy, data from the People's Bank of China, the country's central bank, showed on Friday.

The growth rate was up from 12 percent a month earlier and 8.2 percent a year ago, the PBOC said.

The nation's increment in aggregate social financing — the total amount of financing to the real economy — came in at 2.43 trillion yuan in August, down by 557.1 billion yuan compared with the same period last year, the central bank said.

Meanwhile, the outstanding aggregate social financing stood at 337.21 trillion yuan as of the end of last month, up by 10.5 percent year-on-year. The growth rate edged down from 10.7 percent from a month earlier.

China's new yuan-denominated loans totaled 1.25 trillion yuan in August, up by 39 billion yuan year-on-year, according to the central bank.

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