1. Broad money rose by 7.5 percent

At end-October, broad money supply (M2) stood at RMB309.71 trillion, rising by 7.5 percent year on year. Narrow money supply (M1), at RMB63.34 trillion, fell by 6.1 percent year on year. The amount of currency in circulation (M0) was RMB12.24 trillion, an increase of 12.8 percent year on year. The first ten months of the year saw a net money injection of RMB900.3 billion.

2. RMB loans grew by RMB16.52 trillion in the first ten months

At end-October, outstanding RMB and foreign currency loans totaled RMB258.18 trillion, up 7.5 percent year on year. Outstanding RMB loans stood at RMB254.1 trillion, registering a year-on-year growth of 8 percent.

New RMB loans totaled RMB16.52 trillion for the first ten months. By sector, household loans increased by RMB2.1 trillion, with short-term loans and medium and long-term (MLT) loans rising by RMB451.4 billion and RMB1.65 trillion, respectively; loans to enterprises and public institutions grew by RMB13.59 trillion, with short-term loans, MLT loans and bill financing increasing by RMB2.64 trillion, RMB9.83 trillion and RMB997.7 billion, respectively; and loans to non-banking financial institutions climbed by RMB298.7 billion.

At end-October, outstanding foreign currency loans stood at USD571.5 billion, down 15.7 percent year on year. The first ten months saw a decline of USD84.9 billion in foreign currency loans.

3. RMB deposits increased by RMB17.22 trillion in the first ten months

At end-October, the outstanding amount of RMB and foreign currency deposits was RMB307.44 trillion, up 7 percent year on year. RMB deposits recorded an outstanding amount of RMB301.48 trillion, rising by 7 percent year on year.

In the first ten months, RMB deposits increased by RMB17.22 trillion. Specifically, household deposits, fiscal deposits and deposits of non-banking financial institutions rose by RMB11.28 trillion, RMB1.32 trillion and RMB5.58 trillion, respectively, while deposits of non-financial enterprises dropped by RMB2.84 trillion.

At end-October, the outstanding amount of foreign currency deposits was USD836.5 billion, up 6.6 percent year on year. The first ten months saw an increase of USD38.6 billion in foreign currency deposits.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in October stood at 1.59 percent and 1.65 percent respectively

Lending, cash bond and repo transactions in the interbank RMB market totaled RMB172.48 trillion for October, with the daily average increasing by 17.1 percent year on year to RMB9.08 trillion. Specifically, the average daily turnover of interbank lending fell by 2.1 percent, while those of cash bond trading and pledged repo trading rose by 17.6 percent and 18.2 percent year on year, respectively.

The monthly weighted average interest rate for interbank lending in October stood at 1.59 percent, down 0.19 percentage points month on month and 0.33 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.65 percent, down 0.18 percentage points month on month and 0.41 percentage points year on year.

5. RMB cross-border settlement under the current account reached RMB1.31 trillion and RMB cross-border settlement of direct investment posted RMB0.63 trillion for October

RMB cross-border settlement under the current account reached RMB1.31 trillion for October, including RMB1.02 trillion in settlement of trade in goods and RMB0.29 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB0.63 trillion for the month, of which ODI and FDI posted RMB0.25 trillion and RMB0.38 trillion, respectively.

Notes:

1. Data for the current period are preliminary.

2. Starting from 2015, deposits of non-banking financial institutions have been included in RMB deposits, foreign currency deposits and deposits in RMB and foreign currencies, while lending to non-banking financial institutions has been included in RMB loans, foreign currency loans and loans in RMB and foreign currencies.

3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies and organizations.

4. Starting from December 2022, e-CNY in circulation has been included in the amount of currency in circulation (M0). At end-December, e-CNY in circulation stood at RMB13.61 billion. The revision has not caused notable changes to month-end M1 or M2 growth rates of 2022. Shown below are the revised M0 growth rates.

5. Starting from January 2023, the People’s Bank of China has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies and financial asset investment companies. At end-January 2023, loans issued by the three types of institutions recorded an outstanding balance of RMB841 billion, posting an increase of RMB5.7 billion for the month, while their deposits registered an outstanding amount of RMB22.2 billion, rising by RMB2.7 billion over the month. All the statistics in this report are provided on a comparable basis.