China's new yuan loans rise in October

0 Comment(s)Print E-mail Xinhua, November 11, 2021
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Photo taken on March 13, 2018 shows the headquarters of the People's Bank of China in Beijing, capital of China. [Photo/Xinhua]

China's new yuan-denominated loans totaled 826.2 billion yuan (about 129.2 billion U.S. dollars) last month, up 136.4 billion yuan from the same period last year, central bank data showed Wednesday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.7 percent year on year to 233.62 trillion yuan at the end of October, according to the People's Bank of China.

The growth rate was 0.4 percentage points higher than the figure seen at the end of September, and was 1.8 percentage points lower than that during the same period last year.

The M1, which covers cash in circulation plus demand deposits, stood at 62.61 trillion yuan at the end of October, up 2.8 percent year on year.

The M0, the amount of cash in circulation, increased by 6.2 percent from a year ago to 8.61 trillion yuan at the end of last month.

In October, the central bank withdrew a total of 78.1 billion yuan of net cash from the market.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 1.59 trillion yuan during the period, up 197 billion yuan from the same period last year.

Wednesday's data also showed that China's new yuan deposits in October reached 764.9 billion yuan, up 1.16 trillion yuan from a year earlier. In October last year, the country saw a decline of 397.1 billion yuan in new yuan deposits.

By the end of last month, total outstanding yuan deposits stood at 229.95 trillion yuan, up 9.1 percent year on year.

In October, RMB settlements for cross-border trade amounted to 617.5 billion yuan.

China's central bank has pledged to make its prudent monetary policy more targeted and flexible to better adapt to the needs of high-quality development, and place more focus on the efficiency of financial services to support the real economy.

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