2022-05-05 18:30
1. Broad money and narrow money rose by 9.7 percent and 4.7 percent respectively
At end-March, broad money supply (M2) stood at RMB249.77 trillion, increasing by 9.7 percent year on year, up 0.5 percentage points from a month earlier and 0.3 percentage points from a year earlier. Narrow money supply (M1), at RMB64.51 trillion, rose by 4.7 percent year on year, the same pace as a month earlier but a deceleration of 2.4 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB9.51 trillion, increasing by 9.9 percent year on year. The first quarter saw a net money injection of RMB431.7 billion.
2. RMB loans and foreign currency loans increased by RMB8.34 trillion and USD30.5 billion respectively in Q1
At end-March, outstanding RMB and foreign currency loans totaled RMB207 trillion, up 11 percent year on year. Outstanding RMB loans grew by 11.4 percent year on year to RMB201.01 trillion, a rate unchanged from a month earlier but slowing down by 1.2 percentage points from a year earlier.
In the first quarter, new RMB loans reached RMB8.34 trillion, increasing by RMB663.6 billion year on year. By sector, household loans grew by RMB1.26 trillion, with short-term loans and medium and long-term (MLT) loans increasing by RMB194.3 billion and RMB1.07 trillion, respectively; loans to enterprises and public institutions rose by RMB7.08 trillion, with short-term loans, MLT loans and bill financing increasing by RMB2.23 trillion, RMB3.95 trillion and RMB802.7 billion, respectively; loans to non-banking financial institutions fell by RMB8.1 billion. In March, new RMB loans increased by RMB395.1 billion year on year to RMB3.13 trillion.
At end-March, outstanding foreign currency loans stood at USD943.2 billion, up 2.9 percent year on year. In the first quarter, foreign currency loans rose by USD30.5 billion, USD19 billion less than the growth recorded a year earlier. In March, foreign currency loans dropped by USD12.5 billion, compared with an increase of USD1.8 billion in the same period last year.
3. RMB deposits and foreign currency deposits rose by RMB10.86 trillion and USD49.4 billion respectively in Q1
At end-March, the outstanding amount of RMB and foreign currency deposits was RMB249.74 trillion, up 9.9 percent year on year. RMB deposits recorded an outstanding amount of RMB243.1 trillion, rising by 10 percent year on year, up 0.2 percentage points from a month earlier and 0.1 percentage points from a year earlier.
In the first quarter, RMB deposits grew by RMB10.86 trillion, up RMB2.51 trillion compared with the growth in the same period last year. Specifically, household deposits, deposits of non-financial enterprises, fiscal deposits and deposits of non-banking financial institutions increased by RMB7.82 trillion, RMB1.39 trillion, RMB342.6 billion and RMB574.4 billion, respectively. In March, RMB deposits rose by RMB4.49 trillion, surpassing the growth in the same period last year by RMB857.7 billion.
At end-March, the outstanding amount of foreign currency deposits was USD1.05 trillion, up 9.4 percent year on year. In the first quarter, foreign currency deposits rose by USD49.4 billion, moderating the growth in the same period last year by USD18.1 billion. In March, foreign currency deposits dipped by USD7.5 billion, a further decline of USD2.6 billion compared with the same period last year.
4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 2.07 percent and 2.08 percent respectively in March
In the first quarter, lending, cash bond and repo transactions in the interbank RMB market totaled RMB379.99 trillion, with the daily average increasing by 27.3 percent year on year to RMB6.33 trillion. Specifically, the average daily turnovers of interbank lending, cash bond trading and pledged repo trading climbed by 4.4 percent, 33.9 percent and 29 percent year on year, respectively.
In March, the monthly weighted average interbank lending rate stood at 2.07 percent, up 0.01 percentage points month on month and 0.06 percentage points year on year. The monthly weighted average interest rate for pledged repos was 2.08 percent, up 0.02 percentage points month on month and 0.07 percentage points year on year.
5. Official foreign exchange reserves stood at USD3.19 trillion
At end-March, China’s foreign exchange reserves stood at USD3.19 trillion, and the USD/CNY exchange rate was 6.3482.
6. RMB cross-border trade settlement reached RMB2.07 trillion and RMB settlement of direct investment posted RMB1.43 trillion in Q1
In the first quarter, RMB settlement of cross-border trade in goods, cross-border trade in services and other current account items, ODI and FDI amounted to RMB1.59 trillion, RMB0.48 trillion, RMB0.39 trillion and RMB1.04 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; 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.