1. Broad money rose by 8.7 percent

At end-January, broad money supply (M2) stood at RMB297.63 trillion, increasing by 8.7 percent year on year. Narrow money supply (M1), at RMB69.42 trillion, rose by 5.9 percent year on year. The amount of currency in circulation (M0) was RMB12.14 trillion, an increase of 5.9 percent year on year. The month saw a net money injection of RMB795.4 billion.

2. RMB loans grew by RMB4.92 trillion in January

At end-January, outstanding RMB and foreign currency loans totaled RMB247.25 trillion, up 10 percent year on year. Outstanding RMB loans stood at RMB242.5 trillion, registering a year-on-year growth of 10.4 percent.

In January, new RMB loans reached RMB4.92 trillion, an expansion of RMB16.2 billion year on year. By sector, household loans increased by RMB980.1 billion, with short-term loans and medium and long-term (MLT) loans rising by RMB352.8 billion and RMB627.2 billion, respectively; loans to enterprises and public institutions grew by RMB3.86 trillion, with short-term loans and MLT loans rising by RMB1.46 trillion and RMB3.31 trillion, respectively, and bill financing falling by RMB973.3 billion; and loans to non-banking financial institutions climbed by RMB24.9 billion.

At end-January, outstanding foreign currency loans stood at USD667.7 billion, down 10.7 percent year on year. In January, foreign currency loans rose by USD11.3 billion , USD5.5 billion higher than that recorded a year earlier.

3. RMB deposits increased by RMB5.48 trillion in January

At end-January, the outstanding amount of RMB and foreign currency deposits was RMB295.62 trillion, up 8.9 percent year on year. RMB deposits recorded an outstanding amount of RMB289.74 trillion, rising by 9.2 percent year on year.

In January, RMB deposits increased by RMB5.48 trillion, RMB1.39 trillion smaller than that recorded a year earlier. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits and deposits of non-banking financial institutions rose by RMB2.53 trillion, RMB1.14 trillion, RMB860.4 billion and RMB552.6 billion, respectively.

At end-January, the outstanding amount of foreign currency deposits was USD827.3 billion, down 6.8 percent year on year. In January, foreign currency deposits rose by USD29.5 billion, compared with an increase of USD33.9 billion in the same period last year.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.83 percent and 1.9 percent respectively in January

In January, lending, cash bond and repo transactions in the interbank RMB market totaled RMB211.52 trillion, with the daily average increasing by 40.4 percent year on year to RMB9.61 trillion. Specifically, the average daily turnover of interbank lending dropped by 12.9 percent year on year, while those of cash bond trading and pledged repo trading climbed by 71.6 percent and 40.7 percent year on year, respectively.

In January, the monthly weighted average interest rate for interbank lending stood at 1.83 percent, up 0.05 percentage points month on month and 0.39 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.9 percent, unchanged from last month but 0.34 percentage points higher than the same period last year.

5. RMB cross-border settlement under the current account reached RMB1334.7 billion and RMB cross-border settlement of direct investment posted RMB697.6 billion in January

In January, RMB cross-border settlement under the current account reached RMB1334.7 billion, including RMB1077.2 billion in settlement of trade in goods and RMB257.5 billion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB697.6 billion, of which ODI and FDI posted RMB226.1 billion and RMB471.5 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.