New yuan loans decline from July

Xinhua
China's new yuan-denominated loans stood at 1.28 trillion yuan in August, down from 1.45 trillion yuan in July, central bank data showed yesterday.
Xinhua

China’s new yuan-denominated loans stood at 1.28 trillion yuan (US$186.4 billion) in August, down from 1.45 trillion yuan in July, central bank data showed yesterday.

Despite the drop, the amount of new yuan loans was still up 183.4 billion yuan from August last year, the People’s Bank of China said in a statement on its website.

New medium- and long-term loans to households, mainly used for home purchases, stood at 441.5 billion yuan. New loans to non-financial enterprises, government agencies, and organizations, which mainly represent lending to the real economy, hit 612.7 billion yuan.

Household loans accounted for 54.8 percent of total new loans in August, versus 43.8 percent in July.

Bill financing jumped to 409.9 billion yuan in August, taking up nearly a third of new loans and up from 238.8 billion yuan in July.

Total outstanding yuan loans at the end of August rose 13.2 percent to 131.88 trillion yuan.

M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 8.2 percent year on year to 178.87 trillion yuan at the end of August.

The growth dipped 0.3 percentage points and 0.4 percentage points, respectively, from a month earlier and a year earlier.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, rose 3.9 percent year on year to 53.83 trillion yuan.

Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, was 1.52 trillion yuan in August, down 37.6 billion yuan year on year.

Meanwhile, China’s fiscal revenue rose 4 percent year on year to 1.11 trillion yuan in August. The growth slowed from the 6.1 percent gain in July, the Ministry of Finance said.


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