New RMB lending in China increases in September

Wednesday, 16 October 2019 14:19:26 (GMT+3)   |   Shanghai

New RMB lending in China in the month of September this year totaled RMB 1.69 trillion ($238.04 billion), up RMB 0.48 trillion ($67,6 billion) from August this year, and RMB 306.9 billion ($43.23 billion) year on year, as announced by the People’s Bank of China (PBOC) on October 15. This data recovered significantly and it showed the firm support from central government to speed up local economic development.

M2 money supply in China in September came to RMB 195.23 trillion ($27.5 trillion), up 8.4 percent year on year, 0.2 percentage points faster than that as of the end of August this year and 0.1 percentage point faster compared to the end of September last year.

Meanwhile, as the end of September, total social financing in China, a broad measure of credit specific to China, was at RMB 219.04 trillion ($30.85 trillion), up 10.8 percent year on year, while the pace of growth was 10.7 percent in August.

Ruan Jianhong, director of the survey and statistics department of the central bank stated that the improved performance of financial data indicated the real economy has better capital demands and financial services to the real economy strengthened in the given period. The results of the central bank's survey of credit demand in China’s 300 cities signaled China’s real economy has strong financial needs in the fourth quarter of the year, and 60 percent of banks thought the demand for credit will be higher than the same period of last year in the last quarter of the year. 

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