1. Broad money and narrow money rose by 8.3 percent and 4 percent respectively
At end-September, broad money supply (M2) stood at RMB180.17 trillion, increasing by 8.3 percent year-on-year,up 0.1 percentage point from the end of last month but down 0.7 percentage point from a year earlier. Narrow money supply (M1), at RMB53.86 trillion, rose by 4 percent year-on-year, up 0.1 percentage point from the end of last month but down 10 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB7.13 trillion, increasing by 2.2 percent year-on-year. The first three quarters saw a net money injection of RMB60.9 billion.
2. RMB loans rose by RMB13.14 trillion while foreign currency loans fell by USD19 billion in Q1-Q3
At end-September, outstanding RMB and foreign currency loans totalled RMB138.9 trillion, up 12.8 percent year-on-year. Outstanding RMB loans grew by 13.2 percent year-on-year to RMB133.27 trillion, the same pace as a month earlier but up 0.1 percentage point from a year earlier.
In Q1-Q3, RMB loans increased by RMB13.14 trillion, RMB1.98 trillion more than the growth in the same period last year. By sector, household loans rose by RMB5.69 trillion, with short-term loans and medium and long-term (MLT) loans increasing by RMB1.85 trillion and 3.83 trillion, respectively; loans to non-financial enterprises, government agencies and organizations rose by RMB7.11 trillion, with short-term loans, MLT loans and bill financing increasing by RMB704.6 billion, 4.93 trillion and 1.21 trillion, respectively; loans to non-banking financial institutions rose by RMB287.4 billion. In September, RMB loans grew by RMB1.38 trillion, up RMB111.9 billion year-on-year.
At end-September, outstanding foreign currency loans stood at USD818.9 billion, up 0.3 percent year-on-year. In Q1-Q3, lending in foreign currencies dipped by USD19 billion, a further slide of USD49.5 billion from a year earlier. In September, foreign currency loans fell by USD17.1 billion, USD700 million more than the decrease in the same period last year.
3. RMB deposits increased by RMB12.01 trillion while foreign currency deposits dropped by USD47.3 billion in Q1-Q3
At end-September, the outstanding amount of RMB and foreign currency deposits was RMB181.24 trillion, up 8.3 percent year-on-year. At end-September, RMB deposits recorded an outstanding amount of RMB176.13 trillion, rising by 8.5 percent year-on-year, up 0.2 percentage point from the end of last month but down 0.8 percentage point from a year earlier.
In Q1-Q3, RMB deposits rose by RMB12.01 trillion, RMB325.7 billion more than 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 climbed by RMB5.64 trillion, 602.5 billion, 1.06 trillion and 1.9 trillion, respectively. In September, RMB deposits rose by RMB890.2 billion, RMB457 billion more than the increase in the same period last year.
At end-September, the outstanding amount of foreign currency deposits was USD743.7 billion, down 4 percent year-on-year. In Q1-Q3, foreign currency deposits fell by USD47.3 billion, a decrease USD108.8 billion more than a year earlier. Foreign currency deposits fell by USD22.9 billion in September, USD9.8 billion more than the slide in the same period a year ago.
4. In September, the monthly weighted average interest rate for interbank RMB lending stood at 2.59 percent and the monthly weighted average interest rate for bond pledged repo was 2.6 percent
In Q1-Q3, lending, cash bond and bond repo transactions in the interbank RMB market totalled RMB734.64 trillion, with the daily average rising by 26.6 percent year-on-year to RMB3.89 trillion. Specifically, the average daily turnover of interbank lending, cash bond trading and pledged repo trading grew by 75.6 percent, 38.4 percent and 21.2 percent year-on-year, respectively.
In September, the monthly weighted average interbank lending rate stood at 2.59 percent, up 0.3 percentage point month-on-month but down 0.33 percentage point year-on-year. The monthly weighted average interest rate on bond pledged repo was 2.6 percent, up 0.35 percentage point month-on-month but down 0.47 percentage point year-on-year.
5. Official foreign exchange reserves stood at USD3.09 trillion
At end-September, China’s foreign exchange reserves stood at USD3.09 trillion, and the exchange rate was RMB6.8792 per US dollar.
6. RMB cross-border trade settlement reached RMB3.71 trillion and RMB settlement of direct investment posted RMB1.99 trillion in Q1-Q3
In Q1-Q3, RMB settlement of cross-border trade in goods, cross-border trade in services and other current account items, ODI and FDI amounted to RMB2.64 trillion, 1.07 trillion, 623.12 billion and 1.37 trillion, respectively.
Notes:
1. Data for the current period are preliminary.
2. In January 2018, the PBC improved the statistics of money market funds as part of the money supply, replacing deposits (certificates of deposit included) of money market funds with money market funds held by the non-depository-institution sector. As a result, month-end M2 growth rates in 2017 have been adjusted as shown below:
Month |
Jan.2017 |
Feb. 2017 |
Mar. 2017 |
Apr. 2017 |
May 2017 |
Jun. 2017 |
M2 growth rate |
10.7% |
10.4% |
10.1% |
9.8% |
9.1% |
9.1% |
Month |
Jul. 2017 |
Aug. 2017 |
Sept. 2017 |
Oct. 2017 |
Nov. 2017 |
Dec. 2017 |
M2 growth rate |
8.9% |
8.6% |
9.0% |
8.9% |
9.1% |
8.1% |
3. Since August 2014, re-export trade has been removed from the statistics of trade in services to be included in trade in goods, reducing the former and expanding the latter correspondingly.
4. 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.