1. Broad money rose by 7.3 percent

At end-December, broad money supply (M2) stood at RMB313.53 trillion, rising by 7.3 percent year on year. Narrow money supply (M1), at RMB67.1 trillion, fell by 1.4 percent year on year. The amount of currency in circulation (M0) was RMB12.82 trillion, an increase of 13 percent year on year. The full year saw a net money injection of RMB1.47 trillion.

2. RMB loans grew by RMB18.09 trillion for the full year

At end-December, outstanding RMB and foreign currency loans totaled RMB259.58 trillion, up 7.2 percent year on year. Outstanding RMB loans stood at RMB255.68 trillion, registering a year-on-year growth of 7.6 percent.

New RMB loans totaled RMB18.09 trillion for the full year. By sector, household loans increased by RMB2.72 trillion, with short-term loans and medium and long-term (MLT) loans rising by RMB473.2 billion and RMB2.25 trillion, respectively; loans to enterprises and public institutions grew by RMB14.33 trillion, with short-term loans, MLT loans and bill financing increasing by RMB2.61 trillion, RMB10.08 trillion and RMB1.57 trillion, respectively; and loans to non-banking financial institutions climbed by RMB285.5 billion.

At end-December, outstanding foreign currency loans stood at USD542.2 billion, down 17.4 percent year on year. Foreign currency loans decreased by USD114.2 billion for the full year.

3. RMB deposits increased by RMB17.99 trillion for the full year

At end-December, the outstanding amount of RMB and foreign currency deposits was RMB308.38 trillion, up 6.4 percent year on year. RMB deposits recorded an outstanding amount of RMB302.25 trillion, rising by 6.3 percent year on year.

RMB deposits increased by RMB17.99 trillion for the full year. Specifically, household deposits and deposits of non-banking financial institutions rose by RMB14.26 trillion and RMB2.59 trillion, respectively, while deposits of non-financial enterprises and fiscal deposits dropped by RMB294.3 billion and RMB212.5 billion, respectively.

At end-December, the outstanding amount of foreign currency deposits was USD852.9 billion, up 6.9 percent year on year. The full year saw an increase of USD55.1 billion in foreign currency deposits.

4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos in December stood at 1.57 percent and 1.65 percent respectively

Lending, cash bond and repo transactions in the interbank RMB market totaled RMB2161.65 trillion for the full year, with the daily average increasing by 1.3 percent year on year to RMB8.61 trillion. Specifically, the average daily turnover of cash bond trading rose by 22.5 percent year on year, while those of interbank lending and pledged repo trading fell by 28.2 percent and 0.2 percent year on year, respectively.

The monthly weighted average interest rate for interbank lending in December stood at 1.57 percent, up 0.02 percentage points month on month but down 0.21 percentage points year on year. The monthly weighted average interest rate for pledged repos was 1.65 percent, up 0.06 percentage points month on month but down 0.25 percentage points year on year.

5. Official foreign exchange reserves stood at USD3.2 trillion

At end-December, China's foreign exchange reserves stood at USD3.2 trillion, and the USD/CNY exchange rate was 7.1884.

6. RMB cross-border settlement under the current account reached RMB16.27 trillion and RMB cross-border settlement of direct investment posted RMB8.25 trillion for 2024

RMB cross-border settlement under the current account reached RMB16.27 trillion for 2024, including RMB12.39 trillion in settlement of trade in goods and RMB3.88 trillion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB8.25 trillion for 2024, of which ODI and FDI posted RMB3.01 trillion and RMB5.24 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.