New RMB lending in China in the month of November this year totaled RMB 1.39 trillion ($0.2 trillion), much higher than the RMB 661.3 billion recorded in October, and increasing by RMB 138.7 billion ($19.7 billion) year on year, as announced by the People’s Bank of China (PBOC).
M2 money supply in China in November came to RMB 196.14 trillion ($27.9 trillion), up 8.2 percent year on year, 0.2 percentage points lower compared to the increase rate recorded in October.
Meanwhile, as of the end of November, total social financing in China, a broad measure of credit specific to China, was at RMB 221.28 trillion ($31.4 trillion), up 10.7 percent year on year, the same pace of growth as in October.
Since local government bonds for 2020 will actually be issued in December, total social financing in China will rebound further, while the pace of growth will likely slow down as the consumer price index (CPI) has edged up again, which will exert negative pressure on living standards.