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New yuan loans soar in January

Updated: Feb 16,2016 1:54 PM     Xinhua

BEIJING — China’s new yuan-denominated lending in January jumped to 2.51 trillion yuan ($385 billion), an increase of 71 percent from a year earlier, official data showed on Feb 16.

January’s new yuan loans were also about four times that posted in December 2015.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 14 percent year-on-year to 141.63 trillion yuan at the end of January, the People’s Bank of China said in a statement on its website.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 18.6 percent year-on-year to 41.27 trillion yuan, the statement said.

The M0, the amount of money in circulation, stood at 7.25 trillion yuan, a year-on-year increase of 15.1 percent. January also saw a net money injection of 931 billion yuan, the central bank said.

Total social finance, a measurement of funds that non-financial firms and households get from the financial system, stood at 3.42 trillion yuan, nearly double December’s count of 1.81 trillion yuan, it said.

In January, yuan-denominated deposits rose 2.04 trillion yuan, an increase of 372.5 billion yuan from a year earlier.

By the end of January, total outstanding loans stood at 101.86 trillion yuan, up 14.1 percent from the previous year. Outstanding deposits in both yuan and non-yuan currencies rose 12.3 percent year-on-year to 141.99 trillion yuan at the end of January, data showed.

Last month, yuan-denominated cross-border trade settlement reached 564.3 billion yuan. Direct investment settled in yuan stood at 317.8 billion yuan, the central bank said.