In February this year, new RMB-based lending in China amounted to RMB 1.36 trillion ($0.21 trillion), RMB 452.9 billion ($69.8 billion) more than in February of the previous year, according to the People’s Bank of China (PBC).
The broad money (M2) balance totaled RMB 223.6 trillion ($34.4 trillion) in February this year, up 10.1 percent year on year, 0.7 percentage points higher than in January, while it was 1.3 percentage points higher than February of the previous year. The scale of social financing increased to RMB 1.71 trillion ($0.26 trillion) in February, RMB 839.2 billion ($129.2 billion) more than in February 2020.
Wen Bin, chief researcher of China Minsheng Bank, said that the good financial data in February signaled the improvement of the real economy and the increasing financial support for the real economy.
$1 = RMB 6.497