New yuan loans soar 50% in December
Print Edition
China’s new yuan-denominated loans stood at 1.08 trillion yuan (US$160 billion) in December, up 499.5 billion yuan year on year, central bank data showed yesterday.
The amount of new loans was slightly down from 1.25 trillion yuan in November, according to the People’s Bank of China.
M2, the broad measure of money supply that covers cash in circulation and all deposits, rose 8.1 percent year on year to 182.67 trillion yuan by the end of December.
The M2 growth was up from 8 percent registered a month earlier and flat with a year earlier.
M1, the narrow measure of the money supply which covers cash in circulation plus demand deposits, rose 1.5 percent year on year to 55.17 trillion yuan by end-December.
For the whole 2018, new yuan loans reached 16.17 trillion yuan, up 2.64 trillion yuan year on year.
The increase tripled the added loans in the previous year, Zhu Hexin, deputy governor of the PBOC, told reporters yesterday.
New loans to households reached 7.36 trillion yuan last year, while those to non-financial enterprises and government institutions totaled 8.31 trillion yuan.
Newly-added social financing — funds that individuals and non-financial firms borrow — was 1.59 trillion yuan in December, up 3.3 billion yuan year on year.
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