China’s new yuan-denominated loans reached a record high of 10.6 trillion yuan (about $1.54 trillion) in the first quarter of this year, an increase of 2.27 trillion yuan over to the previous year, show data from the central bank published today Tuesday.
In March, new yuan-denominated loans totaled 3.89 trillion yuan (about 564.73 billion US dollars). The figures show an increase of 749.7 billion yuan from the same period last year, and from 1.81 trillion yuan in February, according to the People’s Bank of China.
Due to the recovery in credit demand and growth-promoting measures taken by local governments, China’s new yuan loans in March continued to rise from last year’s high level, said Wen Bin, chief economist at the China Minsheng Bank.
M2, a broad measure of money supply that encompasses cash in circulation and all deposits, rose 12.7 percent on-year to 281.46 trillion yuan at the end of last month.
The growth rate was 0.2 percentage points lower than the figure registered at the end of February, and 3 percentage points higher than that registered in the same period last year.
M1, which covers cash in circulation plus demand deposits, was 67.81 trillion yuan at the end of March, up 5.1 percent year-on-year.
M0, the sum of cash in circulation, rose 11 percent from a year ago to reach 10.56 trillion yuan at the end of last month.
Newly added social financing, a measure of the funds that individuals and non-financial firms receive from the financial system, reached 14.53 trillion yuan in the first quarter, an increase of 2.47 trillion yuan over the same period. period last year.
In the first quarter of the year, total yuan deposits increased by 15.39 trillion yuan, or 4.54 trillion yuan from last year.
“Liquidity is expected to remain reasonably sufficient and credit expansion is expected to be robust throughout the year, thus creating a sound financial environment for stable economic performance and sustained overall improvement,” Wen said.
(Web editor: Wu Sixuan, Zhao Jian)
