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China’s new yuan loans rise in July

Updated: Aug 13,2018 8:11 PM     Xinhua

BEIJING — China’s new yuan-denominated loans stood at 1.45 trillion yuan ($211 billion) in July, up 627.8 billion yuan year-on-year, central bank data showed on Aug 13.

The amount of new yuan loans was down from 1.84 trillion yuan in June, but was generally in line with the monthly average in the first half, about 1.5 trillion yuan.

New loans to households, mainly used for home purchases, stood at 634.4 billion yuan, while new loans to non-financial enterprises, government agencies and organizations hit 650.1 billion yuan, the People’s Bank of China (PBOC) said in an online statement.

Total outstanding yuan loans at the end of July rose 13.2 percent to 130.61 trillion yuan, faster than the growth of 12.7 percent at the end of June.

“There was a noticeable acceleration in the recent pace of making loans,” the China Banking and Insurance Regulatory Commission (CBIRC) said on its website.

The CBIRC has instructed banking and insurance institutions to make full use of current favorable conditions including abundant liquidity and declining financing costs to raise financing support for the real economy.

The central bank has said that it would raise the capacity and willingness of financial institutions to serve the real economy to create a moderate financial environment for supply-side structural reform and high-quality development.

It will make policies more forward-looking, flexible and effective, maintain proper control over the floodgate of money supply and keep liquidity at a reasonable and abundant level, according to a quarterly report released by the PBOC.

The M2, a broad measure of the money supply that covers cash in circulation and all deposits, rose 8.5 percent year-on-year to 177.62 trillion yuan at the end of July, slightly faster than the rise at the end of June.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, rose 5.1 percent year-on-year to 53.66 trillion yuan.

China’s prudent monetary policy will be “kept neutral and be neither too tight nor too loose,” according to the central bank.

Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, was 1.04 trillion yuan in July, down 124.2 billion yuan year-on-year.

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