China's new yuan loans hit 1.27 trln yuan in November

0 Comment(s)Print E-mail Xinhua, December 10, 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 1.27 trillion yuan (about 200 billion U.S. dollars) last month, down 160.5 billion yuan from the same period last year, central bank data showed Thursday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.5 percent year on year to 235.6 trillion yuan at the end of November, according to the People's Bank of China.

The growth rate was 0.2 percentage points lower than the figure seen at the end of October, and was 2.2 percentage points lower than that during the same period last year.

The M1, which covers cash in circulation plus demand deposits, stood at 63.75 trillion yuan at the end of November. It was up by 3 percent year on year.

The M0, the amount of cash in circulation, went up by 7.2 percent from a year ago to 8.74 trillion yuan at the end of last month.

In November, the central bank injected a total of 134.8 billion yuan of net cash into the market.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 2.61 trillion yuan during the period, representing a 478.6-billion-yuan increase from the same period last year and a 620.4-billion-yuan rise from the 2019 level.

Thursday's data also showed China's new yuan deposits in November reached 1.14 trillion yuan, down 961.2 billion yuan from a year earlier.

By the end of last month, total outstanding yuan deposits stood at 231.09 trillion yuan, up 8.6 percent year on year.

In November, RMB settlements for cross-border trade amounted to 741.7 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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