1. Broad money and narrow money rose by 8 percent and 2.7 percent respectively

At end-October, broad money supply (M2) stood at RMB179.56 trillion, increasing by 8 percent year-on-year, down 0.3 percentage point from the end of last month and 0.9 percentage point from a year earlier. Narrow money supply (M1), at RMB54.01 trillion, rose by 2.7 percent year-on-year, down 1.3 percentage points from the end of last month and 10.3 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB7.01 trillion, increasing by 2.8 percent year-on-year. The month saw a net money withdrawal of RMB114.8 billion.

2. RMB loans and foreign currency loans rose by RMB697 billion and USD4.6 billion respectively in October

At end-October, outstanding RMB and foreign currency loans totalled RMB139.7 trillion, up 12.8 percent year-on-year. Outstanding RMB loans grew by 13.1 percent year-on-year to RMB133.96 trillion, down 0.1 percentage point from a month earlier but up 0.1 percentage point from a year earlier.

In October, RMB loans increased by RMB697 billion, RMB33.8 billion more than the growth in the same period last year. By sector, household loans rose by RMB563.6 billion, with short-term loans and medium and long-term (MLT) loans increasing by RMB190.7 billion and 373 billion, respectively; loans to non-financial enterprises, government agencies and organizations rose by RMB150.3 billion, with short-term loans dipping by RMB113.4 billion, and MLT loans and bill financing increasing by RMB142.9 billion and 106.4 billion, respectively; loans to non-banking financial institutions fell by RMB26.8 billion.

At end-October, outstanding foreign currency loans stood at USD823.5 billion, up 0.1 percent year-on-year. In October, foreign currency loans grew by USD4.6 billion, USD1.8 billion less than the growth in the same period last year.

                                                                               

3. RMB deposits increased by RMB353.5 billion while foreign currency deposits dropped by USD5 billion in October

At end-October, the outstanding amount of RMB and foreign currency deposits was RMB181.62 trillion, up 7.8 percent year-on-year. RMB deposits recorded an outstanding amount of RMB176.48 trillion, rising by 8.1 percent year-on-year, down 0.4 percentage point from the end of last month and 1 percentage point from a year earlier.

In October, RMB deposits rose by RMB353.5 billion, RMB702.6 billion less than the growth in the same period last year. Specifically, household deposits and deposits of non-financial enterprises declined by RMB334.7 billion and 600.4 billion, respectively while fiscal deposits and deposits of non-banking financial institutions climbed by RMB581.9 billion and 529.6 billion, respectively.

At end-October, the outstanding amount of foreign currency deposits was USD738.7 billion, down 5.2 percent year-on-year. In October, foreign currency deposits fell by USD5 billion, compared to an increase of USD4.3 billion in the same period last year.

4. In October, the monthly weighted average interest rate for interbank RMB lending stood at 2.42 percent and the monthly weighted average interest rate for bond pledged repo was 2.39 percent

In October, lending, cash bond and bond repo transactions in the interbank RMB market totalled RMB82.27 trillion, with the daily average rising by 30.6 percent year-on-year to RMB4.57 trillion. Specifically, the average daily turnover of interbank lending, cash bond trading and pledged repo trading grew by 104.7 percent, 55.2 percent and 21.9 percent year-on-year, respectively.

In October, the monthly weighted average interbank lending rate stood at 2.42 percent, down 0.17 percentage point month-on-month and 0.4 percentage point year-on-year. The monthly weighted average interest rate for bond pledged repo was 2.39 percent, down  0.21 percentage point month-on-month and 0.52 percentage point  year-on-year.

5. RMB cross-border trade settlement reached RMB431.95 billion and RMB settlement of direct investment posted RMB182.04 billion in October

In October, RMB settlement of cross-border trade in goods, cross-border trade in services and other current account items, ODI and FDI amounted to RMB324.27 billion, 107.68 billion, 40.49 billion and 141.55 billion, 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.