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Xinhua Silk Road
Economy

Biz China Weekly: CPI, PPI, RRR cut, new yuan loans, auto sales

July 13, 2021


Abstract : China's consumer price index (CPI), one of the main gauges of inflation, rose 1.1 percent year on year in June, lower than the 1.3 percent year-on-year growth recorded in May, data from the National Bureau of Statistics (NBS) showed on Friday.

BEIJING, July 11 (Xinhua) -- The following are the highlights of China's business news from the past week:

CPI, PPI

China's consumer price index (CPI), one of the main gauges of inflation, rose 1.1 percent year on year in June, lower than the 1.3 percent year-on-year growth recorded in May, data from the National Bureau of Statistics (NBS) showed on Friday.

The average CPI in the first half of the year increased 0.5 percent from the same period last year, according to the NBS.

The data also shows that China's producer price index, which measures costs for goods at the factory gate, rose 8.8 percent year on year in June, falling from its 9 percent growth in May.

RRR CUT

The People's Bank of China (PBOC), China's central bank, Friday announced it would cut the reserve requirement ratio (RRR) by 50 basis points for eligible financial institutions from July 15 to support the real economy.

The RRR cut, which will be imposed on all financial institutions except those who have already held the ratio at 5 percent, will likely release 1 trillion yuan (about 154.43 billion U.S. dollars) in long-term funds, the PBOC said.

After the reduction, the weighted average reserve requirement ratio for Chinese financial institutions will stand at 8.9 percent.

NEW YUAN LOANS

China's new yuan-denominated loans totaled 2.12 trillion yuan last month, up 308.6 billion yuan from the same period last year, central bank data showed Friday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.6 percent year on year to 231.78 trillion yuan at the end of June, according to the People's Bank of China.

AUTO SALES

China's auto sales rose 25.6 percent year on year to over 12.89 million units in the first half of 2021, data from the China Association of Automobile Manufacturers showed on Friday.

Sales of passenger vehicles increased 27 percent year on year to over 10 million units in the January-June period, according to the data.

In June alone, auto sales totaled 2.015 million units, down 12.4 percent year on year. Enditem

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Keyword: China economy

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