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Economy

2nd LD-Writethru: China's new yuan loans rise in January

February 10, 2021


Abstract : China's new yuan-denominated loans totaled 3.58 trillion yuan (about 554.75 billion U.S. dollars) in January, up 225.2 billion yuan year on year, central bank data showed Tuesday.

BEIJING, Feb. 9 (Xinhua) -- China's new yuan-denominated loans totaled 3.58 trillion yuan (about 554.75 billion U.S. dollars) in January, up 225.2 billion yuan year on year, central bank data showed Tuesday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 9.4 percent year on year to 221.3 trillion yuan at the end of January, according to the People's Bank of China (PBOC).

The M2 growth was 0.7 percentage points lower than that at the end of December but was 1 percentage point higher than the same period of the year before.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, rose by 14.7 percent year on year to 62.56 trillion yuan at the end of January.

The M1 growth was 6.1 percentage points higher than that at the end of December but was 14.7 percentage points higher than the same period of the previous year.

M0, the amount of cash in circulation, fell by 3.9 percent year on year to 8.96 trillion yuan by the end of last month.

The central bank injected 531 billion yuan of net cash into the market in January, PBOC data showed.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 5.17 trillion yuan in January. This figure was up from 1.72 trillion yuan in December.

Total outstanding social financing rose by 13 percent year on year to 289.74 trillion yuan by the end of January. Of the total, outstanding RMB loans to the real economy totaled 175.41 trillion yuan, up by 13.1 percent year on year.

Tuesday's data also showed China's new yuan deposits reached 3.57 trillion yuan, up 624.5 billion yuan from a year earlier. By the end of last month, total outstanding yuan deposits stood at 216.14 trillion yuan, rising 10.4 percent year on year.

In January, RMB settlements for cross-border trade amounted to 602.1 billion yuan.

China will prioritize stability in its monetary policy and avoid making sudden shifts, according to the latest monetary policy report issued by the central bank on Monday.

The nation's monetary policy will be more flexible, precise, reasonable and moderate, and will strike a balance between economic recovery and risk prevention, said the report.

The country will maintain liquidity at a reasonably ample level, with the growth of broad money supply and social financing basically matching nominal economic growth, the report said.  Enditem

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Keyword: new yuan loans

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