Beijing: China's yuan-denominated loans rose by 16.52 trillion yuan (about $2.3 trillion) in the first 10 months of 2024, China's central bank data showed on Monday.
China has adopted a series of pro-growth policies, which have not only stabilized social expectations, but also boosted market confidence, accelerated capital flow, and improved market activity, experts said.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 7.5 percent year on year to 309.71 trillion yuan at the end of October 2024, according to the People's Bank of China.
The M1, which covers cash in circulation plus demand deposits, stood at 63.34 trillion yuan at the end of October, down 6.1 percent year on year.
The M0, which indicates the amount of cash in circulation, rose by 12.8 percent from the previous year to a total of 12.24 trillion yuan at the end of last month.
Outstanding yuan loans reached 254.1 trillion yuan at the end of October, an increase of 8 percent year on year. Data also showed that outstanding social financing stood at 403.45 trillion yuan at the end of October, up 7.8 percent year on year. Despite a high base last year, social financing managed to maintain high growth, reflecting the greater role of finance in supporting the real economy.
The Bank's report on the implementation of monetary policy for the third quarter of 2024 indicated that the Bank will continue to implement growth-supporting monetary policies and enhance monetary regulation and control mechanisms with the aim of creating an environment conducive to sustainable economic growth and high-quality development.
