1.Broad money rose by 12.4 percent

At end-April, broad money supply (M2) stood at RMB280.85 trillion, increasing by 12.4 percent year on year, a deceleration of 0.3 percentage points from a month earlier but an acceleration of 1.9 percentage points from a year earlier. Narrow money supply (M1), at RMB66.98 trillion, rose by 5.3 percent year on year, accelerating from a month earlier and a year earlier both by 0.2 percentage points. The amount of currency in circulation (M0) was RMB10.59 trillion, an increase of 10.7 percent year on year. The month saw a net money injection of RMB31.3 billion.

2.RMB loans grew by RMB 718.8 billion in April

At end-April, outstanding RMB and foreign currency loans totaled RMB 231.27 trillion, up 10.9 percent year on year. Outstanding RMB loans stood at RMB 226.16 trillion, registering a year-on-year growth of 11.8 percent, the same pace as a month earlier but an acceleration of 0.8 percentage points from a year earlier.

In April, new RMB loans amounted to RMB 718.8 billion, increasing by RMB 64.9 billion year on year. By sector, household loans dropped by RMB241.1 billion, with short-term loans and medium and long-term (MLT) loans decreasing by RMB125.5 billion and RMB115.6 billion, respectively; loans to enterprises and public institutions grew by RMB683.9 billion, with short-term loans falling by RMB109.9 billion and MLT loans and bill financing rising by RMB666.9 billion and RMB128 billion, respectively; and loans to non-banking financial institutions increased by RMB213.4 billion.

At end-April, outstanding foreign currency loans stood at USD737.5 billion, down 20 percent year on year. In April, foreign currency loans dropped by USD21.3 billion, compared with a decline of USD21.7 billion in the same period last year.

3.RMB deposits decreased by RMB460.9 billion in April

At end-April, the outstanding amount of RMB and foreign currency deposits was RMB279.55 trillion, up 11.9 percent year on year. RMB deposits recorded an outstanding amount of RMB273.45 trillion, rising by 12.4 percent year on year, down 0.3 percentage points from a month earlier but up 2 percentage points from a year earlier.

In April, RMB deposits decreased by RMB460.9 billion, compared with an increase of RMB91.5 billion in the same period last year. Specifically, household deposits and deposits of non-financial enterprises fell by RMB1.2 trillion and RMB140.8 billion, respectively, while fiscal deposits and deposits of non-banking financial institutions rose by RMB502.8 billion and RMB291.2 billion, respectively.

At end-April, the outstanding amount of foreign currency deposits was USD881.9 billion, down 11.6 percent year on year. In April, foreign currency deposits decreased by USD29.6 billion, moderating the decline in the same period last year by USD19.2 billion.

4.The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.69 percent and 1.77 percent respectively in April

In April, lending, cash bond and repo transactions in the interbank RMB market totaled RMB168.64 trillion, with the daily average increasing by 30.7 percent year on year to RMB8.43 trillion. Specifically, the average daily turnovers of interbank lending, cash bond trading and pledged repo trading climbed by 15.9 percent, 26.5 percent and 33.1 percent year on year, respectively.

In April, the monthly weighted average interest rate for interbank lending stood at 1.69 percent, down 0.01 percentage points month on month but up 0.07 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.77 percent, down 0.08 percentage points month on month but up 0.16 percentage points year on year.

5.RMB cross-border settlement under the current account reached RMB1.0079 trillion and RMB cross-border settlement of direct investment posted RMB552.9 billion in April

In April, RMB cross-border settlement under the current account reached RMB1.0079 trillion, including RMB 778.7 billion in settlement of trade in goods and RMB 229.2 billion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB 552.9 billion, of which ODI and FDI posted RMB 202.8 billion and RMB350.1 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.