1. Broad money rose by 7.2 percent

At end-April, broad money supply (M2) stood at RMB301.19 trillion, increasing by 7.2 percent year on year. Narrow money supply (M1), at RMB66.01 trillion, fell by 1.4 percent year on year. The amount of currency in circulation (M0) was RMB11.73 trillion, an increase of 10.8 percent year on year. The first four months of the year saw a net money injection of RMB386.6 billion.

2. RMB loans grew by RMB10.19 trillion in the first four months

At end-April, outstanding RMB and foreign currency loans totaled RMB252.41 trillion, up 9.1 percent year on year. Outstanding RMB loans stood at RMB247.78 trillion, registering a year-on-year growth of 9.6 percent.

In the first four months, new RMB loans reached RMB10.19 trillion. By sector, household loans increased by RMB813.4 billion, with short-term loans and medium and long-term (MLT) loans rising by RMB5 billion and RMB808.4 billion, respectively; loans to enterprises and public institutions grew by RMB8.63 trillion, with short-term loans and MLT loans increasing by RMB2.56 trillion and RMB6.61 trillion, respectively, and bill financing decreasing by RMB661.9 billion; and loans to non-banking financial institutions climbed by RMB494.3 billion.

At end-April, outstanding foreign currency loans stood at USD650.9 billion, down 11.7 percent year on year. The first four months saw a decline of USD5.5 billion in foreign currency loans.

3. RMB deposits increased by RMB7.32 trillion in the first four months

At end-April, the outstanding amount of RMB and foreign currency deposits was RMB297.45 trillion, up 6.4 percent year on year. RMB deposits recorded an outstanding amount of RMB291.59 trillion, rising by 6.6 percent year on year.

In the first four months, RMB deposits increased by RMB7.32 trillion. Specifically, household deposits and deposits of non-banking financial institutions rose by RMB6.71 trillion and RMB1.23 trillion, respectively, while deposits of non-financial enterprises and fiscal deposits dropped by RMB1.65 trillion and RMB187.4 billion, respectively.

At end-April, the outstanding amount of foreign currency deposits was USD825.2 billion, down 6.4 percent year on year. The first four months saw an increase of USD27.3 billion in foreign currency deposits.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.87 percent and 1.86 percent respectively in April

In April, lending, cash bond and repo transactions in the interbank RMB market totaled RMB183.82 trillion, with the daily average decreasing by 0.9 percent year on year to RMB8.36 trillion. Specifically, the average daily turnovers of interbank lending and pledged repo trading fell by 30.1 percent and 4.9 percent year on year, respectively, while that of cash bond trading rose by 34.1 percent year on year.

In April, the monthly weighted average interest rate for interbank lending stood at 1.87 percent, down 0.01 percentage points month on month but up 0.18 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.86 percent, down 0.05 percentage points month on month but up 0.09 percentage points year on year.

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.