In a significant economic move, the Chinese mainland's yuan-denominated loans saw a remarkable increase of ¥10.19 trillion ($1.41 trillion) during the first four months of 2024. This surge highlights the ongoing support for the real economy and reflects the central bank's efforts to manage liquidity.
The People's Bank of China (PBOC) reported that the M2 money supply—the broad measure encompassing cash in circulation and all deposits—rose by 7.2 percent year on year, reaching ¥301.19 trillion by the end of April. On the other hand, M1, which includes cash in circulation and demand deposits, showed a slight decline of 1.4 percent, standing at ¥66.01 trillion.
Social financing accumulated to ¥12.73 trillion in the same period, marking a decrease of ¥3.04 trillion compared to the previous year. Notably, the increase in yuan-denominated loans extended to the real economy from social financing amounted to ¥9.44 trillion, underscoring a focused approach towards economic stability and growth.
Reference(s):
cgtn.com
