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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
China's banks extended 11.14 trillion yuan ($1.54 trillion) in new yuan-denominated loans in the first five months of 2024, the country's central bank said on Friday.
Data from the People's Bank of China, the central bank, showed that the M2, a broad measure of money supply that covers cash in circulation and all deposits, increased by 7 percent year on year to 301.85 trillion yuan as of end-May.
The narrow money supply, or M1, which covers cash in circulation plus demand deposits, stood at 64.68 trillion yuan as of the end of May, down 4.2 percent from a year ago.
The M0, the amount of cash in circulation, went up 11.7 percent from a year ago to 11.71 trillion yuan as of the end of last month.
Newly added total social financing, a measure of funds the real economy receives from the financial system, reached 14.8 trillion yuan in the first five months of the year, down 2.52 trillion yuan compared to the same period of last year.
The loan growth data is in line with the needs of the running of China's economy, said Lian Ping, director of the Chief Industrial Research Institute of Guangkai, the Securities Times reported.
The next step is to ensure a balanced allocation of credit systems within the year and avoid excessive concentration or shortages during certain periods, said Lian.
(Cover via CFP)