1. Broad money rose by 10.3 percent

At end-September, broad money supply (M2) stood at RMB289.67 trillion, increasing by 10.3 percent year on year, down 0.3 percentage points from a month earlier and 1.8 percentage points from a year earlier. Narrow money supply (M1), at RMB67.84 trillion, rose by 2.1 percent year on year, down 0.1 percentage points from a month earlier and 4.3 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB10.93 trillion, an increase of 10.7 percent year on year. The first three quarters saw a net money injection of RMB462.3 billion.

2. RMB loans grew by RMB19.75 trillion in the first three quarters

At end-September, outstanding RMB and foreign currency loans totaled RMB239.52 trillion, up 10.2 percent year on year. Outstanding RMB loans stood at RMB234.59 trillion, registering a year-on-year growth of 10.9 percent, down 0.2 percentage points from a month earlier and 0.4 percentage points from a year earlier.

In the first three quarters, new RMB loans amounted to RMB19.75 trillion, increasing by RMB1.58 trillion year on year. By sector, household loans increased by RMB3.85 trillion, with short-term loans and medium and long-term (MLT) loans rising by RMB1.75 trillion and RMB2.1 trillion, respectively; loans to enterprises and public institutions grew by RMB15.68 trillion, with short-term loans and MLT loans rising by RMB3.99 trillion and RMB11.88 trillion, respectively, and bill financing falling by RMB335.5 billion; and loans to non-banking financial institutions decreased by RMB4.7 billion. In September, new RMB loans reached RMB2.31 trillion, declining by RMB176.4 billion year on year.

At end-September, outstanding foreign currency loans stood at USD685.7 billion, down 16 percent year on year. In the first three quarters, foreign currency loans dropped by USD55.9 billion, compared with a fall of USD96.8 billion in the same period last year. In September, foreign currency loans saw a decline of USD3.3 billion, USD7.7 billion smaller than that recorded in the same period last year.

3. RMB deposits increased by RMB22.48 trillion in the first three quarters

At end-September, the outstanding amount of RMB and foreign currency deposits was RMB286.6 trillion, up 9.7 percent year on year. RMB deposits recorded an outstanding amount of RMB281 trillion, rising by 10.2 percent year on year, down 0.3 percentage points from a month earlier and 1.1 percentage points from a year earlier.

In the first three quarters, RMB deposits increased by RMB22.48 trillion, RMB273.7 billion less than in the same period last year. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits and deposits of non-banking financial institutions rose by RMB14.42 trillion, RMB4.52 trillion, RMB673.8 billion and RMB95.8 billion, respectively. In September, RMB deposits grew by RMB2.24 trillion, RMB389.5 billion lower than the growth recorded a year earlier.

At end-September, the outstanding amount of foreign currency deposits was USD778.9 billion, down 12 percent year on year. In the first three quarters, foreign currency deposits dropped by USD75 billion, moderating the decline in the same period last year by USD37.1 billion. In September, foreign currency deposits decreased by USD16.5 billion, compared with a fall of USD26.3 billion in the same period last year.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.87 percent and 1.96 percent respectively in September

In the first three quarters, lending, cash bond and repo transactions in the interbank RMB market totaled RMB1611.95 trillion, with the daily average increasing by 18.3 percent year on year to RMB8.62 trillion. Specifically, the average daily turnover of interbank lending fell by 2.2 percent year on year, while those of cash bond trading and pledged repo trading climbed by 14.1 percent and 21.4 percent year on year, respectively.

In September, the monthly weighted average interest rate for interbank lending stood at 1.87 percent, up 0.16 percentage points month on month and 0.46 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.96 percent, up 0.2 percentage points month on month and 0.5 percentage points year on year.

5. Official foreign exchange reserves stood at USD3.12 trillion

At end-September, China's foreign exchange reserves stood at USD3.12 trillion, and the USD/CNY exchange rate was 7.1798.

6. RMB cross-border settlement under the current account reached RMB10.16 trillion and RMB cross-border settlement of direct investment posted RMB5.6 trillion in the first three quarters

In the first three quarters, RMB cross-border settlement under the current account reached RMB10.16 trillion, including RMB7.73 trillion in settlement of trade in goods and RMB2.43 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB5.6 trillion, of which ODI and FDI posted RMB1.92 trillion and RMB3.68 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.