China's new yuan loans jump in first month of 2023

Chinese banks extended 4.9 trillion yuan ($720.9 billion) in new yuan loans in the first month of 2023, more than tripling the 1.4 trillion yuan seen in December 2022, data from the People's Bank of China (PBOC) showed on Friday.

The M2, the broadest measure of money supply that covers all cash in circulation and all deposits, was up 12.6 percent year on year in January to 273.81 trillion yuan.

The M1, which includes all cash in circulation plus demand deposits, in January hit 65.52 trillion yuan, a 6.7-percent rise from last year. 

China's newly-added total social financing, a measurement of funds the real economy receives from the financial system, came in at 5.98 trillion yuan in January, compared with 1.31 trillion yuan in December, according to the PBOC.

(Cover via CFP)

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