China’s Q1 new yuan loans rise by 9.46 trillion yuan

China’s banks extended 9.46 trillion yuan ($1.3 trillion) in new yuan-denominated loans in the first quarter of 2024, the country’s central bank said on Friday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased by 8.3 percent year on year to 304.8 trillion yuan as of the end of March, according to a statement from the People’s Bank of China.

The narrow money supply or M1, which covers cash in circulation plus demand deposits, stood at 68.58 trillion yuan as of the end of March, up 1.1 percent year on year.

The M0, the amount of cash in circulation, went up 11 percent from a year ago to 11.72 trillion yuan as of the end of last month.

Newly added total social financing, a measurement of funds the real economy receives from the financial system, reached 12.93 trillion yuan for the first quarter, down 1.61 trillion yuan compared to the same period last year.

(Cover via CFP)