1. Broad money rose by 12.6 percent

At end-January, broad money supply (M2) stood at RMB273.81 trillion, increasing by 12.6 percent year on year, up 0.8 percentage points from a month earlier and 2.8 percentage points from a year earlier. Narrow money supply (M1), at RMB65.52 trillion, rose by 6.7 percent year on year, accelerating by 3 percentage points from a month earlier and by 8.6 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB11.46 trillion, increasing by 7.9 percent year on year. The month saw a net money injection of RMB997.1 billion.

2. RMB loans grew by RMB4.9 trillion in January

At end-January, outstanding RMB and foreign currency loans totaled RMB224.8 trillion, up 10.6 percent year on year. Outstanding RMB loans stood at RMB219.75 trillion, registering a year-on-year growth of 11.3 percent, up 0.2 percentage points from a month earlier but down 0.3 percentage points from a year earlier.

In January, RMB loans grew by RMB4.9 trillion, surpassing that recorded for the same period last year by RMB922.7 billion. By sector, household loans rose by RMB257.2 billion, with short-term loans and medium and long-term (MLT) loans increasing by RMB34.1 billion and RMB223.1 billion, respectively; loans to enterprises and public institutions grew by RMB4.68 trillion, with short-term loans and MLT loans climbing by RMB1.51 trillion and RMB3.5 trillion, respectively, and bill financing dropping by RMB412.7 billion; and loans to non-banking financial institutions decreased by RMB58.5 billion.

At end-January, outstanding foreign currency loans stood at USD747.3 billion, down 19.7 percent year on year. In January, foreign currency loans rose by USD5.8 billion, USD12.3 billion lower than a year earlier.

3. RMB deposits saw an increase of RMB6.87 trillion in January

At end-January, the outstanding amount of RMB and foreign currency deposits was RMB271.39 trillion, up 11.9 percent year on year. RMB deposits recorded an outstanding amount of RMB265.39 trillion, rising by 12.4 percent year on year, up 1.1 percentage points from a month earlier and 3.2 percentage points from a year earlier.

In January, RMB deposits increased by RMB6.87 trillion, a further increase of RMB3.05 trillion compared with a year earlier. Specifically, household deposits, fiscal deposits and deposits of non-banking financial institutions rose by RMB6.2 trillion, RMB682.8 billion and RMB1.01 trillion, respectively, while deposits of non-financial enterprises fell by RMB715.5 billion.

At end-January, the outstanding amount of foreign currency deposits was USD887.8 billion, down 13.3 percent year on year. In January, foreign currency deposits increased by USD33.9 billion, expanding by USD6.7 billion from a year earlier.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.44 percent and 1.56 percent respectively in January

In January, lending, cash bond and repo transactions in the interbank RMB market totaled RMB123.28 trillion, averaging RMB6.85 trillion per day, up 8.6 percent year on year. Specifically, average daily turnovers of interbank lending and pledged repo trading increased by 7.3 percent and 12.9 percent year on year, respectively, while that of cash bond trading decreased by 10.8 percent year on year.

In January, the monthly weighted average interest rate for interbank lending stood at 1.44 percent, up 0.18 percentage points month on month but down 0.57 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.56 percent, up 0.15 percentage points month on month but down 0.48 percentage points year on year.

5. RMB cross-border settlement under the current account reached RMB814.2 billion and RMB cross-border settlement of direct investment posted RMB526.9 billion in January

In January, RMB cross-border settlement under the current account reached RMB814.2 billion, including RMB624.9 billion in settlement of trade in goods and RMB189.3 billion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB526.9 billion, of which ODI and FDI posted RMB151 billion and RMB375.9 billion, 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.