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2022.07.11 18:28 GMT+8

China records higher new yuan-denominated loans, accelerates in M2 growth for June

Updated 2022.07.11 22:48 GMT+8
CGTN

China's broad money supply, or M2, stood at 258.15 trillion yuan ($38 trillion) as of the end of June, up 11.4 percent year-on-year, and the growth rates were 0.3 and 2.8 percentage points higher than the end of last month and the same period of last year respectively, the country's central bank said in a statement on Monday.

The balance of narrow money (M1) was 67.44 trillion yuan ($10.06 trillion), a year-on-year increase of 5.8 percent.

The balance of local and foreign currency loans was 212.34 trillion yuan (about $32 trillion) in June, a year-on-year increase of 10.8 percent. At the end of the month, the balance of renminbi (RMB) loans was 206.35 trillion yuan (about $31 trillion), up 11.2 percent year-on-year, the People's Bank of China said. 

China's new yuan loans grew 10.8 percent year on year by 212.34 trillion yuan ($31.66 billion) in June and increased by 13.68 trillion yuan ($2 trillion) in the first half of the year. The foreign currency loans fell 5.8 percent year on year to $892.6 billion in June and fell by $20.1 billion in the first half.

China's social financing, a measure of funds the real economy receives from the financial system, increased by 5.17 trillion yuan ($770 billion) in June, up 10.8 percent year-on-year.

In the first half of 2022, China's social financing increased by 21 trillion yuan ($3 trillion), 3.2 trillion yuan ($480 billion) more than the same period of the previous year.

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