Data released by the Central Bank on Friday reveals that China’s yuan-denominated loans have grown by 17.1 trillion yuan, which amounts to almost $2.38 trillion in the first 11 months of this year, 2024.
The M2, a broad money supply that includes cash that is already in circulation and the deposits, grew 7.1% year-on-year to attain 311.96 trillion yuan by the end of last month, November.
Which the M2 that includes those cash in circulation and demand deposits amounts to 65.09 trillion yuan, showing a 3.7% year-on-year loss.
Cash that is already in circulation is measured by M0, and it experienced a significant increase of 12.7% from the previous year, totaling 12.42 trillion yuan at the close of November. In addition to this increase, the whole outstanding yuan loans moved to 254.68 trillion yuan, which represented a 7.7% rise year-on-year.
The data also shows that the country’s outstanding social financing, a broad measure of credit and liquidity in the economy, currently stands at 405.6 trillion yuan by the end of last month, which signifies a 7.8% year-on-year growth.
These total data showcase consistent growth in lending and monetary supply, which reflects China’s ongoing attempts to sustain economic activity.
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