January financial data released: M2 increased by 9.8% year-on-year New RMB loans of 3.98 trillion yuan are the highest points in single-month statistics

Financial circles february 10 news The central bank's website released January financial data, at the end of January, the balance of broad money (M2) was 243.1 trillion yuan, an increase of 9.8% year-on-year, and the growth rate was 0.8 and 0.4 percentage points higher than the end of the previous month and the same period of the previous year, respectively, with an estimated 9.2% and a previous value of 9%. The balance of narrow money (M1) was 61.39 trillion yuan, down 1.9% year-on-year, excluding the impact of the Spring Festival timing factor, M1 increased by about 2% year-on-year. The balance of currency (M0) in circulation was 10.62 trillion yuan, an increase of 18.5% year-on-year. Net cash injection for the month was 1.54 trillion yuan.

China's new RMB loans in January were 3,980 billion yuan, the highest point in single-month statistics, an increase of 394.4 billion yuan year-on-year; it is expected to be 3,700 billion yuan, compared with a previous value of 1,131.8 billion yuan. By sector, household loans increased by 843 billion yuan, of which short-term loans increased by 100.6 billion yuan, medium- and long-term loans increased by 742.4 billion yuan; enterprise (business) unit loans increased by 3.36 trillion yuan, of which short-term loans increased by 1.01 trillion yuan, medium- and long-term loans increased by 2.1 trillion yuan, bill financing increased by 178.8 billion yuan; non-banking financial institutions loans decreased by 141.7 billion yuan.

China's social financing scale increased by 6,170 billion yuan in January, estimated at 5,385 billion yuan, compared with 2,368.2 billion yuan in the previous value.

First, broad money increased by 9.8%

At the end of January, the balance of broad money (M2) was 243.1 trillion yuan, an increase of 9.8% year-on-year, and the growth rate was 0.8 and 0.4 percentage points higher than the end of the previous month and the same period of the previous year, respectively. The balance of narrow currency (M1) was 61.39 trillion yuan, down 1.9% year-on-year, excluding the impact of the Spring Festival timing factor (1), M1 increased by about 2% year-on-year. The balance of currency (M0) in circulation was 10.62 trillion yuan, an increase of 18.5% year-on-year. Net cash injection for the month was 1.54 trillion yuan.

Second, RMB loans increased by 3.98 trillion yuan in January

At the end of January, the balance of local and foreign currency loans was 202.59 trillion yuan, an increase of 11.2% year-on-year. At the end of the month, the balance of RMB loans was 196.65 trillion yuan, an increase of 11.5% year-on-year, and the growth rate was 0.1 and 1.2 percentage points lower than that of the end of the previous month and the same period of the previous year, respectively.

RMB loans increased by 3.98 trillion yuan in January, the highest point in single-month statistics, an increase of 394.4 billion yuan year-on-year. By sector, household loans increased by 843 billion yuan, of which short-term loans increased by 100.6 billion yuan, medium- and long-term loans increased by 742.4 billion yuan; enterprise (business) unit loans increased by 3.36 trillion yuan, of which short-term loans increased by 1.01 trillion yuan, medium- and long-term loans increased by 2.1 trillion yuan, bill financing increased by 178.8 billion yuan; non-banking financial institutions loans decreased by 141.7 billion yuan.

At the end of January, the balance of foreign currency loans was US$930.8 billion, up 2% year-on-year. Foreign currency loans rose $18.1 billion in January, up $26.9 billion less than the same period last year.

Third, RMB deposits increased by 3.83 trillion yuan in January

At the end of January, the balance of local and foreign currency deposits was 242.6 trillion yuan, an increase of 9.2% year-on-year. At the end of the month, the balance of RMB deposits was 236.07 trillion yuan, an increase of 9.2% year-on-year, and the growth rate was 0.1 and 1.2 percentage points lower than that of the end of the previous month and the same period of the previous year, respectively.

RMB deposits increased by 3.83 trillion yuan in January, an increase of 262.7 billion yuan year-on-year. Among them, household deposits increased by 5.41 trillion yuan, deposits of non-financial enterprises decreased by 1.4 trillion yuan, fiscal deposits increased by 584.9 billion yuan, and deposits of non-banking financial institutions decreased by 183.6 billion yuan.

At the end of January, the balance of foreign currency deposits was $1.02 trillion, up 9% year-on-year. Foreign currency deposits rose $27.2 billion in January, up $22.8 billion from a year earlier.

4. Monthly weighted average interest rate for interbank RMB market interbank lending in January was 2.01%, and monthly weighted average interest rate for pledge bond repurchase was 2.04%

In January, the interbank RMB market traded a total of 132.45 trillion yuan in the form of loans, spot bonds and repurchases, with an average daily turnover of 6.31 trillion yuan, and the average daily turnover increased by 18% year-on-year. Among them, the average daily turnover of interbank lending increased by 9.3% year-on-year, the average daily transaction of spot bonds increased by 22.9% year-on-year, and the average daily transaction of pledge repurchase increased by 18.2% year-on-year.

The weighted average interest rate on interbank lending in January was 2.01%, 0.01 percentage points lower than the previous month and 0.23 percentage points higher than the same period last year, mainly due to the low overnight lending rate in early January of last year, excluding this factor, the interbank lending rate in January was 0.02 percentage points lower than the same period last year. The weighted average interest rate for collateral repos was 2.04%, 0.05 and 0.03 percentage points lower than the previous month and the same period last year, respectively.

5. In the same month, rmb settlement business for cross-border trade was 721.2 billion yuan, and RMB settlement business for direct investment was 478.6 billion yuan

In January, cross-border trade in goods, trade in services and other current accounts, outward direct investment and foreign direct investment settled in RMB were RMB543.6 billion, RMB177.6 billion, RMB136.5 billion and RMB342.1 billion respectively.

(1) Before the Spring Festival, due to the centralized payment of salaries and benefits by enterprises, the unit demand deposit will be transferred to the individual deposit, resulting in a reduction in M1. The last working day before the Spring Festival in 2022 is January 30, while February 10, 2021.

Note 1: Data for the current period are preliminary.

Note 2: Since 2015, RMB, foreign currency and local and foreign currency deposits include deposits with non-banking financial institutions, and RMB, foreign currency and local and foreign currency loans include funds issued to non-banking financial institutions.

Note 3: The loans of enterprises (businesses) in the report refer to loans of non-financial enterprises and institutions.

According to preliminary statistics, the increase in the scale of social financing in January 2022 was 6.17 trillion yuan, 984.2 billion yuan more than the same period last year. thereinto RMB loans to the real economy increased by 4.2 trillion yuan, which was a single-month statistical high, an increase of 380.6 billion yuan year-on-year; foreign currency loans issued to the real economy increased by 103.1 billion yuan, an increase of 6.7 billion yuan year-on-year; entrusted loans increased by 42.8 billion yuan, an increase of 33.7 billion yuan year-on-year; trust loans decreased by 68 billion yuan, down 16.2 billion yuan year-on-year; undiscounted bank acceptance bills increased by 473.1 billion yuan, an increase of 17.1 billion yuan year-on-year; net financing of corporate bonds was 579.9 billion yuan, an increase of 188.2 billion yuan year-on-year; and net financing of government bonds was 602.6 billion yuan, an increase of 358.9 billion yuan year-on-year Non-financial enterprises raised 143.9 billion yuan in domestic stock financing, an increase of 44.8 billion yuan year-on-year.

Note 1: The increase in the scale of social financing refers to the amount of funds obtained by the real economy from the financial system in a certain period of time. The data comes from Chinese Minmin Bank, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, Central Treasury Bond Registration and Settlement Co., Ltd., Interbank Market Dealers Association and other departments.

Note 2: Since December 2019, the People's Bank of China has further improved the statistics on the scale of social financing, including "treasury bonds" and "local government general bonds" in the statistics of social financing scale, and merging them with the original "local government special bonds" into the "government bonds" indicator, and the index value is the custody par value of custodian institutions; since September 2019, the People's Bank of China has improved the statistics of "enterprise bonds" in the "social financing scale" and included "exchange enterprise asset-backed securities" into the "enterprise bonds" indicator; since September 2018, The People's Bank of China has included "local government special bonds" in the statistics on the scale of social financing; since July 2018, the People's Bank of China has improved the statistical method of social financing scale, including "asset-backed securities of depository financial institutions" and "loan write-offs" into the statistics of social financing scale, and listed separately under "other financing".

Note 3: The year-on-year data in this article is comparable.