1.Broad money and narrow money rose by 12.4 percent and 4.6 percent respectively

At end-November, broad money supply (M2) stood at RMB264.7 trillion, increasing by 12.4 percent year on year, up 0.6 percentage points from a month earlier and 3.9 percentage points from a year earlier. Narrow money supply (M1), at RMB66.7 trillion, rose by 4.6 percent year on year, a deceleration of 1.2 percentage points from a month earlier but an acceleration of 1.6 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB9.97 trillion, increasing by 14.1 percent year on year. The month saw a net money injection of RMB132.3 billion.

2.Outstanding RMB loans saw a year-on-year increase of 11 percent at end-November

At end-November, outstanding RMB and foreign currency loans totaled RMB218.11 trillion, up 10.4 percent year on year. Outstanding RMB loans stood at RMB212.59 trillion, decelerating by 0.1 percentage points from a month earlier and by 0.7 percentage points from a year earlier to see a year-on-year growth of 11 percent. 

In November, RMB loans grew by RMB1.21 trillion, RMB59.6 billion less than in the same period last year. By sector, household loans rose by RMB262.7 billion, with short-term loans and medium and long-term (MLT) loans increasing by RMB52.5 billion and RMB210.3 billion, respectively; loans to enterprises and public institutions rose by RMB883.7 billion, with short-term loans falling by RMB24.1 billion and MLT loans and bill financing climbing by RMB736.7 billion and RMB154.9 billion, respectively; and loans to non-banking financial institutions dropped by RMB9.9 billion. In the January-November period, RMB loans saw a cumulative rise of RMB19.91 trillion, RMB1.09 trillion higher than in the same period last year.

At end-November, outstanding foreign currency loans stood at USD769 billion, down 19 percent year on year. In November, foreign currency loans fell by USD20.5 billion, compared with a decrease of USD5.4 billion in the same period last year.

3.Outstanding RMB deposits saw a year-on-year rise of 11.6 percent at end-November

At end-November, the outstanding amount of RMB and foreign currency deposits was RMB263.96 trillion, up 11.1 percent year on year. RMB deposits recorded an outstanding amount of RMB257.78 trillion, rising by 11.6 percent year on year, up 0.8 percentage points from a month earlier and 3 percentage points from a year earlier.

In November, RMB deposits increased by RMB2.95 trillion, an expansion of RMB1.81 trillion year on year. Specifically, household deposits, deposits of non-financial enterprises and deposits of non-banking financial institutions rose by RMB2.25 trillion, RMB197.6 billion and RMB668 billion, respectively, while fiscal deposits fell by RMB368.1 billion.

At end-November, the outstanding amount of foreign currency deposits was USD862.1 billion, down 15.3 percent year on year. In November, foreign currency deposits decreased by USD2 billion, compared with an increase of USD4.3 billion in the same period last year.

4.The monthly weighted average interest rates for interbank RMB lending and bond pledged repos both fell notably from a year earlier to stand at 1.55 percent and 1.61 percent respectively in November

In November, lending, cash bond and repo transactions in the interbank RMB market totaled RMB157.4 trillion, averaging RMB7.15 trillion per day. Specifically, the average daily turnovers of interbank lending, cash bond trading and pledged repo trading stood at RMB473.1 billion, RMB1.3 trillion and RMB5.36 trillion, respectively.

In November, the monthly weighted average interest rate for interbank lending stood at 1.55 percent, up 0.14 percentage points month on month but down 0.48 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.61 percent, up 0.15 percentage points month on month but down 0.45 percentage points year on year.

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.