China's yuan loans grow by 22.75 trln yuan in 2023

China's yuan-denominated loans rose by 22.75 trillion yuan (US$3.2 trillion) in 2023, central bank data showed Friday.

The year-on-year increase is 1.31 trillion yuan more than registered in the previous year, said the People's Bank of China.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, climbed 9.7 percent year on year to 292.27 trillion yuan at the end of December.

The M1, which covers cash in circulation plus demand deposits, stood at 68.05 trillion yuan at the end of December, up 1.3 percent year on year.

The M0, the amount of cash in circulation, went up 8.3 percent from the previous year to 11.34 trillion yuan at the end of December.

Newly-added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 35.59 trillion yuan in 2023, 3.41 trillion yuan more than the previous year.

The outstanding social financing stood at 378.09 trillion yuan at the end of 2023, up 9.5 percent year on year.

China's new yuan deposits hit 25.74 trillion yuan in 2023, down by 510.1 billion yuan from the previous year.

The outstanding yuan loans stood at 237.59 trillion yuan at the end of December, up 10.6 percent year on year.