BUSINESS China's new yuan loans, M2 expand in September

BUSINESS

China's new yuan loans, M2 expand in September

CGTN

02:36, October 18, 2018

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((Photo: CGTN)

‍China's new yuan-denominated loans stood at 1.38 trillion yuan (about $200 billion) in September, up from 1.28 trillion yuan in August, official data showed Wednesday.

The amount was 111.9 billion yuan more than in August 2017, according to data from the People's Bank of China (PBOC), the central bank.

New yuan loans in the first nine months of the year totaled 13.14 trillion yuan, compared with 13.53 trillion yuan for the whole of 2017.

For the Jan. to Sept. period, new medium-and long-term loans to households, mainly used for home purchases, amounted to 3.83 trillion yuan. Meanwhile, new loans to non-financial enterprises, government departments and organizations, which mainly represent lending to the real economy, hit 7.11 trillion yuan.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased to 180.17 trillion yuan at the end of September, up 8.3 percent compared to a year ago, according to the People's Bank of China. 

The narrow measure of money supply, or the M1, which covers cash in circulation plus demand deposits, rose four percent year on year to 53.86 trillion yuan at the end of September.

Meanwhile, newly-added social financing, measurement of funds that individuals and non-financial firms get from the financial system, was 15.37 trillion yuan for Jan. to Sept. period, down 2.32 trillion yuan year on year.

In September alone, newly-added social financing reached 2.21 trillion yuan, up from 276.8 billion yuan in August.

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