China's new yuan loans decline in October

0 Comment(s)Print E-mail Xinhua, November 14, 2018
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China's new yuan-denominated loans stood at 697 billion yuan (about 100 billion U.S. dollars) in October, down from 1.38 trillion yuan in September, central bank data showed Tuesday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8 percent year on year to 179.56 trillion yuan at the end of last month, the People's Bank of China said in a statement on its website.

The growth of M2 was lower than market forecast and flat with the record low registered in June.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, rose 2.7 percent year-on-year to 54 trillion yuan by the end of last month.

The central bank data showed new yuan loans made to home buyers, mainly consisting of personal housing mortgages, added 563.6 billion yuan in October, while those to non-financial enterprises and government institutions increased by over 150 billion yuan, indicating solid credit demand from the real economy.

Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, was 728.8 billion yuan in October, down 471.6 billion yuan year on year.

China's central bank has said it will maintain a prudent and neutral monetary policy, easing or tightening it when appropriate, and make the financial sector better serve the real economy.

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