New RMB lending in China in February this year totaled RMB 905.7 billion ($130.1 billion), much lower than the RMB 3.34 trillion recorded in January, while up by 19.9 billion ($2.8 billion) year on year, as announced by the People’s Bank of China (PBOC).
M2 money supply in China at the end of February came to RMB 203.08 trillion ($29.2 trillion), up 8.8 percent year on year, 0.4 percentage points higher compared to the end of January.
Meanwhile, in the January-February period, total social financing in China, a broad measure of credit specific to China, was at RMB 5.92 trillion ($0.85 trillion), up by RMB 271.7 billion year on year. In February alone, total social financing in China amounted to RMB 855.4 billion ($122.9 billion), down by RMB 111.1 billion year on year.
Since the epidemic prevention and control measures in China have taken effect, the recovery in the real economy is expected to lead to the recovery of financing in China.
$1 = RMB 6.9641