New RMB lending in China in January hits record monthly high 

Friday, 21 February 2020 11:53:53 (GMT+3)   |   Shanghai

New RMB lending in China in the month of January this year totaled RMB 3.34 trillion ($0.48 trillion), much higher than the RMB 1.14 trillion recorded in December last year, and hitting a record high for a single month, as announced by the People’s Bank of China (PBOC). 

M2 money supply in China in January came to RMB 202.31 trillion ($28.8 trillion), up 8.4 percent year on year, 0.3 percentage points lower compared to the end of December last year.

Meanwhile, as the end of January, total social financing in China, a broad measure of credit specific to China, was at RMB 5.07 trillion ($0.72 trillion), up by RMB 388.3 billion ($55.3 billion) or 8.3 percent year on year, also hitting a record high.

Since the high figures for January are influenced by seasonal factors, market analysts indicated that the data for February will be more important, while they forecasted an obvious decline in total social financing and new RMB lending in February due to the coronavirus. 

However, the market analysts said that the decline will not last long and that, when epidemic prevention and control have taken effect, the recovery in the real economy will lead to the recovery of financing in China. 

$1 = RMB 7.021

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