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Yuan loans surge in November, says PBOC
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China’s new yuan-denominated loans stood at 1.25 trillion yuan (US$81 billion) in November, up from 697 billion yuan in October, central bank data showed yesterday.
The November figure was 126.7 billion yuan more than for the same month a year earlier, the People’s Bank of China said in a statement on its website.
M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8 percent year on year to 181.32 trillion yuan at the end of last month. M2 growth was flat compared with a month earlier and 1.1 percentage points lower than the same period last year. M1, the narrow measure of money supply which covers cash in circulation plus demand deposits, rose 1.5 percent year on year to 54.35 trillion yuan by the end of last month.
New yuan loans made to households, mainly personal housing mortgages, reached 656 billion yuan in November, while those to non-financial enterprises and government institutions totaled 576.4 billion yuan, indicating solid credit demand from the real economy.
Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, was 1.52 trillion yuan in November, down 394.8 billion yuan year on year.
China’s central bank has said it will maintain a prudent and neutral monetary policy, easing or tightening it when appropriate, and make the financial sector better serve the real economy.
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