1. Broad money rose by 10 percent

At end-November, broad money supply (M2) stood at RMB291.2 trillion, increasing by 10 percent year on year, down 0.3 percentage points from a month earlier and 2.4 percentage points from a year earlier. Narrow money supply (M1), at RMB67.59 trillion, rose by 1.3 percent year on year, down 0.6 percentage points from a month earlier and 3.3 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB11.02 trillion, an increase of 10.4 percent year on year. The month saw a net money injection of RMB166 billion.

2. RMB loans grew by RMB21.58 trillion in the first eleven months

At end-November, outstanding RMB and foreign currency loans totaled RMB241.17 trillion, up 10.2 percent year on year. Outstanding RMB loans stood at RMB236.42 trillion, decelerating by 0.1 percentage points from a month earlier and by 0.2 percentage points from a year earlier to see a year-on-year growth of 10.8 percent.

In the first eleven months, new RMB loans amounted to RMB21.58 trillion, increasing by RMB1.55 trillion year on year. In November, new RMB loans reached RMB1.09 trillion, declining by RMB136.8 billion year on year. By sector, household loans increased by RMB292.5 billion, with short-term loans and medium and long-term (MLT) loans rising by RMB59.4 billion and RMB233.1 billion, respectively; loans to enterprises and public institutions grew by RMB822.1 billion, with short-term loans, MLT loans and bill financing rising by RMB170.5 billion, RMB446 billion and RMB209.2 billion, respectively; and loans to non-banking financial institutions decreased by RMB20.7 billion.

At end-November, outstanding foreign currency loans stood at USD669.1 billion, down 13 percent year on year. In the first eleven months, foreign currency loans dropped by USD72.4 billion, compared with a fall of USD143.7 billion in the same period last year. In November, foreign currency loans saw a decline of USD9 billion, USD11.5 billion smaller than that recorded in the same period last year.

3. RMB deposits increased by RMB25.65 trillion in the first eleven months

At end-November, the outstanding amount of RMB and foreign currency deposits was RMB289.81 trillion, up 9.8 percent year on year. RMB deposits recorded an outstanding amount of RMB284.18 trillion, rising by 10.2 percent year on year, down 0.3 percentage points from a month earlier and 1.3 percentage points from a year earlier.

In the first eleven months, RMB deposits increased by RMB25.65 trillion, an expansion of RMB130.1 billion year on year. In November, RMB deposits grew by RMB2.53 trillion, RMB427.3 billion lower than a year earlier. Specifically, household deposits, deposits of non-financial enterprises, and deposits of non-banking financial institutions rose by RMB908.9 billion, RMB248.7 billion and RMB1.57 trillion, respectively, while fiscal deposits fell by RMB329.3 billion.

At end-November, the outstanding amount of foreign currency deposits was USD793.1 billion, down 8 percent year on year. In the first eleven months, foreign currency deposits dropped by USD60.8 billion, moderating the decline in the same period last year by USD74 billion. In November, foreign currency deposits rose by USD8.8 billion, a further increase of USD10.8 billion from the same period last year.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.89 percent and 1.98 percent respectively in November

In November, lending, cash bond and repo transactions in the interbank RMB market totaled RMB181.27 trillion, with the daily average increasing by 15.2 percent year on year to RMB8.24 trillion. Specifically, the average daily turnovers of interbank lending and pledged repo trading climbed by 4.5 percent and 20.2 percent year on year, respectively, while that of cash bond trading fell by 0.9 percent.

In November, the monthly weighted average interest rate for interbank lending stood at 1.89 percent, down 0.03 percentage points month on month but up 0.34 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.98 percent, down 0.08 percentage points month on month but up 0.37 percentage points year on year.

5. RMB cross-border settlement under the current account reached RMB1286.9 billion and RMB cross-border settlement of direct investment posted RMB666.8 billion in November

In November, RMB cross-border settlement under the current account reached RMB1286.9 billion, including RMB1005.6 billion in settlement of trade in goods and RMB281.3 billion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB666.8 billion, of which ODI and FDI posted RMB233.2 billion and RMB433.6 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.