PBOC:Financial Statistics Report (October 2023)
1. Broad money rose by 10.3 percent
At end-October, broad money supply (M2) stood at RMB288.23 trillion, increasing by 10.3 percent year on year, the same pace as a month earlier but a deceleration of 1.5 percentage points from a year earlier. Narrow money supply (M1), at RMB67.47 trillion, rose by 1.9 percent year on year, slowing down by 0.2 percentage points from a month earlier and by 3.9 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB10.86 trillion, an increase of 10.2 percent year on year. The month saw a net money withdrawal of RMB68.8 billion.
2. RMB loans grew by RMB20.49 trillion in the first ten months
At end-October, outstanding RMB and foreign currency loans totaled RMB240.2 trillion, up 10.3 percent year on year. Outstanding RMB loans stood at RMB235.33 trillion, registering a year-on-year growth of 10.9 percent, unchanged from the rate recorded a month earlier but 0.3 percentage points slower than a year earlier.
In the first ten months, new RMB loans amounted to RMB20.49 trillion, increasing by RMB1.68 trillion year on year. In October, new RMB loans grew by RMB105.8 billion year on year to reach RMB738.4 billion. By sector, household loans decreased by RMB34.6 billion, with short-term loans falling by RMB105.3 billion and medium and long-term (MLT) loans rising by RMB70.7 billion; loans to enterprises and public institutions increased by RMB516.3 billion, with short-term loans falling by RMB177 billion and MLT loans and bill financing rising by RMB382.8 billion and RMB317.6 billion, respectively; and loans to non-banking financial institutions grew by RMB208.8 billion.
At end-October, outstanding foreign currency loans stood at USD678.2 billion, down 14.1 percent year on year. In the first ten months, foreign currency loans dropped by USD63.4 billion, compared with a fall of USD123.2 billion in the same period last year. In October, foreign currency loans dipped by USD7.5 billion, USD18.8 billion smaller than the slide recorded a year earlier.
3. RMB deposits increased by RMB23.13 trillion in the first ten months
At end-October, the outstanding amount of RMB and foreign currency deposits was RMB287.28 trillion, up 10.1 percent year on year. RMB deposits recorded an outstanding amount of RMB281.65 trillion, rising by 10.5 percent year on year, an acceleration of 0.3 percentage points from a month earlier but a deceleration of 0.3 percentage points from a year earlier.
In the first ten months, RMB deposits increased by RMB23.13 trillion, an expansion of RMB557.5 billion year on year. In October, RMB deposits grew by RMB644.6 billion, exceeding that recorded a year earlier by RMB831.2 billion. Specifically, household deposits and deposits of non-financial enterprises fell by RMB636.9 billion and RMB865.2 billion, respectively, while fiscal deposits and deposits of non-banking financial institutions rose by RMB1.37 trillion and RMB506.8 billion, respectively.
At end-October, the outstanding amount of foreign currency deposits was USD784.4 billion, down 9.2 percent year on year. In the first ten months, foreign currency deposits dropped by USD69.6 billion, moderating the decline in the same period last year by USD63.2 billion. In October, foreign currency deposits rose by USD5.4 billion, a further increase of USD26.1 billion from the same period last year.
4. The monthly weighted average interest rates for interbank RMB lending and bond pledged repos stood at 1.92 percent and 2.06 percent respectively in October
In October, lending, cash bond and repo transactions in the interbank RMB market totaled RMB147.33 trillion, with the daily average increasing by 9.1 percent year on year to RMB7.75 trillion. Specifically, the average daily turnover of interbank lending fell by 25.3 percent year on year, while those of cash bond trading and pledged repo trading climbed by 4.6 percent and 13.9 percent year on year, respectively.
In October, the monthly weighted average interest rate for interbank lending stood at 1.92 percent, up 0.05 percentage points month on month and 0.51 percentage points year on year. The monthly weighted average interest rate for pledged repos was 2.06 percent, up 0.1 percentage points month on month and 0.6 percentage points year on year.
5. RMB cross-border settlement under the current account reached RMB1229.3 billion and RMB cross-border settlement of direct investment posted RMB515.9 billion in October
In October, RMB cross-border settlement under the current account reached RMB1229.3 billion, including RMB899.6 billion in settlement of trade in goods and RMB329.7 billion in settlement of trade in services and other current account items. RMB cross-border settlement of direct investment amounted to RMB515.9 billion, of which ODI and FDI posted RMB178.8 billion and RMB337.1 billion, respectively.
1. Data for the current period are preliminary.
2. 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, while lending to non-banking financial institutions has been included in RMB loans, foreign currency loans and loans in RMB and foreign currencies.
3. “Loans to enterprises and public institutions” in this report refers to loans to non-financial enterprises, government agencies and organizations.
4. Starting from December 2022, e-CNY in circulation has been included in the amount of currency in circulation (M0). At end-December, e-CNY in circulation stood at RMB13.61 billion. The revision has not caused notable changes to month-end M1 or M2 growth rates of 2022. Shown below are the revised M0 growth rates.
Currency in circulation (M0)
Currency in circulation (M0)
5. Starting from January 2023, the People’s Bank of China has incorporated into the coverage of financial statistics three types of non-depository banking financial institutions, i.e., consumer finance companies, wealth management companies and financial asset investment companies. At end-January 2023, loans issued by the three types of institutions recorded an outstanding balance of RMB841 billion, posting an increase of RMB5.7 billion for the month, while their deposits registered an outstanding amount of RMB22.2 billion, rising by RMB2.7 billion over the month. All the statistics in this report are provided on a comparable basis.