Money aggregates, loans and deposits
1. Broad money grew by 10.1%, narrow money grew by 7.4%
At the end of February, the broad money (M2) balance was 223.6 trillion yuan, a year-on-year increase of 10.1%, and the growth rate was 0.7 and 1.3 percentage points higher than the end of the previous month and the same period of the previous year; the narrow money (M1) balance was 59.35 trillion yuan, a year-on-year increase 7.4%, the growth rate was 7.3 percentage points lower than the end of last month and 2.6 percentage points higher than the same period last year; the balance of currency in circulation (M0) was 9.19 trillion yuan, an increase of 4.2% year-on-year. Net cash invested in the month was 229.9 billion yuan.
2. In February, RMB loans increased by 1.36 trillion yuan, and foreign currency loans increased by US$2.7 billion
At the end of February, the balance of domestic and foreign currency loans was 183.6 trillion yuan, a year-on-year increase of 12.6%. The balance of RMB loans at the end of the month was 177.68 trillion yuan, a year-on-year increase of 12.9%, and the growth rate was 0.2 and 0.8 percentage points higher than the end of the previous month and the same period of the previous year.
RMB loans increased by 1.36 trillion yuan in February, an increase of 452.9 billion yuan year-on-year. In terms of sectors, household loans increased by 142.1 billion yuan, of which short-term loans decreased by 269.1 billion yuan, medium and long-term loans increased by 411.3 billion yuan; corporate (institution) loans increased by 1.2 trillion yuan, of which short-term loans increased by 249.7 billion yuan. Medium and long-term loans increased by 1.1 trillion yuan, bill financing decreased by 185.5 billion yuan; loans from non-banking financial institutions increased by 18 billion yuan.
At the end of February, the balance of foreign currency loans was US$914.9 billion, a year-on-year increase of 12.2%. Foreign currency loans increased by US$2.7 billion that month, a decrease of US$17.3 billion year-on-year.
3. In February, RMB deposits increased by 1.15 trillion yuan, and foreign currency deposits increased by US$22.4 billion
At the end of February, the balance of domestic and foreign currency deposits was 223.52 trillion yuan, a year-on-year increase of 10.4%. The balance of RMB deposits at the end of the month was 217.29 trillion yuan, a year-on-year increase of 10.4%. The growth rate was the same as at the end of the previous month, and was 2.3 percentage points higher than the same period last year.
RMB deposits increased by 1.15 trillion yuan in February, an increase of 129.4 billion yuan year-on-year. Among them, household deposits increased by 3.26 trillion yuan, non-financial corporate deposits decreased by 2.42 trillion yuan, fiscal deposits decreased by 847.9 billion yuan, and deposits by non-banking financial institutions increased by 1.61 trillion yuan.
At the end of February, the balance of foreign currency deposits was US$961.7 billion, a year-on-year increase of 22.1%. Foreign currency deposits increased by US$22.4 billion that month, an increase of US$18.1 billion year-on-year.
4. In February, the monthly weighted average interest rate of inter-bank renminbi market inter-bank lending was 2.06%, and the monthly weighted average interest rate of pledged bond repurchase was 2.1%
In February, the total turnover of the inter-bank RMB market through lending, spot bonds and repurchase was 71.71 trillion yuan, with an average daily turnover of 4.22 trillion yuan, a year-on-year increase of 24.4%. Among them, the average daily transaction of interbank lending increased by 25% year-on-year, the average daily transaction of spot bonds increased by 30.4% year-on-year, and the average daily transaction of pledged repo increased by 23.4% year-on-year.
The weighted average interest rate of inter-bank lending in February was 2.06%, which was 0.28 and 0.23 percentage points higher than the previous month and the same period of the previous year, respectively; the weighted average interest rate of pledged repo was 2.1%, which was 0.03 and 0.03 percentage points higher than the previous month and the same period of the previous year. 0.29 percentage points.
5. In February, cross-border trade RMB settlement business accounted for 466.7 billion yuan, and direct investment RMB settlement business accounted for 246.3 billion yuan
In February, cross-border trade in goods, trade in services and other current accounts, foreign direct investment, and foreign direct investment settled in RMB accounted for 359.9 billion yuan, 106.8 billion yuan, 56.6 billion yuan, and 189.7 billion yuan respectively.
Note 1: The data for the current period is preliminary.
Note 2: Since 2015, RMB, foreign currency, and domestic and foreign currency deposits include deposits from non-banking financial institutions, and RMB, foreign currency, and domestic and foreign currency loans include loans to non-banking financial institutions.
Note 3: The enterprise (institution) loan in the report refers to the loan of non-financial enterprises and government agencies.
PBC Press Release: original source
Total Social Financing
According to preliminary statistics, the stock of social financing at the end of February was 291.36 trillion yuan, an increase of 13.3% year-on-year. Among them, the balance of RMB loans issued to the real economy was 176.76 trillion yuan, a year-on-year increase of 13.5%; the balance of foreign currency loans issued to the real economy was 2.25 trillion yuan, a year-on-year increase of 2.4%; the balance of entrusted loans was 11.04 trillion yuan , a year-on-year decrease of 3.2%; the balance of trust loans was 6.19 trillion yuan, a year-on-year decrease of 16.8%; the balance of undiscounted bank acceptances was 4.06 trillion yuan, a year-on-year increase of 32%; the balance of corporate bonds was 27.93 trillion yuan, a year-on-year increase of 15.1 %; the balance of government bonds was 46.39 trillion yuan, a year-on-year increase of 20%; the balance of domestic stocks of non-financial enterprises was 8.42 trillion yuan, a year-on-year increase of 12.8%.
From a structural point of view, the balance of RMB loans issued to the real economy at the end of February accounted for 60.7% of the stock of social financing in the same period, up 0.1 percentage point year-on-year; the balance of foreign currency loans issued to the real economy accounted for 0.8%, down 0.1 percentage point year-on-year The balance of entrusted loans accounted for 3.8%, 0.6 percentage points lower than the same period last year; the balance of trust loans accounted for 2.1%, 0.8 percentage points lower than the same period last year; the balance of undiscounted bank acceptance bills accounted for 1.4%, 0.2 percentage points higher than the same period last year; the balance of corporate bonds accounted for 9.6%, 0.2 percentage point higher than the same period last year; government bond balance accounted for 15.9%, 0.9 percentage point higher than the same period last year; domestic stock balance of non-financial enterprises accounted for 2.9%, the same as the same period last year.
Note 1: The stock of social financing scale refers to the balance of funds obtained by the real economy from the financial system at the end of a certain period (month-end, quarter-end, or year-end). The data comes from the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, China National Debt Depository and Clearing Co., Ltd., Interbank Market Dealers Association and other departments.
Note 2: Starting from December 2019, the People’s Bank of China has further improved the statistics of social financing scale, including “national debt” and “local government general bonds” into the social financing scale statistics, and merged with the original “local government special bonds” into “government bonds” Index, the index value is the custodian face value of the custodian institution; since September 2019, the People’s Bank of China has improved the “corporate bond” statistics in the “Social Financing Scale” and included “Exchange Corporate Asset Backed Securities” in the “corporate bond” indicator; 2018 Since September 2008, the People’s Bank of China has included “local government special bonds” in the social financing scale statistics; since August 2018, the People’s Bank of China has improved the statistical methods for social financing scale, and has included “asset-backed securities of depository financial institutions” and “loan write-offs”. “Included in the statistics of social financing scale and listed separately under “Other financing”.
Note 3: The year-on-year data in the article is a comparable standard.
PBC Press Release: original source