China New Yuan Loan Growth Hits 710.7B Yuan In Feb.


China recorded yuan-denominated loan growth of 710.7 billion yuan in February, an addition of 173 billion yuan year-on-year, of which new loans obtained by residents accounted for 65.3 billion yuan, according to The People's Bank of China (PBOC).
Non-financial and other departments obtained 643.5 billion yuan of new loans, of which short-term loans accounted for 337 billion yuan.
The balance of foreign currency loans rose 16.1 percent year-on-year to $544.4 billion at end February, of which $8.4 billion were added in February.
The total loan outstanding amount at end February was up 15 percent from a year ago to 59.66 trillion yuan, of which yuan-denominated loans accounted for 56.24 trillion yuan, up 15.2 percent.
The balance of broad money supply, M2, increased 13 percent year-on-year to 86.72 trillion yuan at end February, with the growth rate up 0.6 percentage point from end January.
The balance of M1 at end February hit 27.03 trillion yuan, an increase of 4.3 percent year-on-year, and the growth rate was up 1.1 percentage points from end January.
By the end of February, the total deposit balance rose 13 percent year-on-year to 83.73 trillion yuan, of which yuan–denominated deposits increased 12.6 percent to account for 81.74 trillion yuan.
New deposit growth in February totaled 1.6 trillion yuan, an increase of 282.4 billion yuan year-on-year. Deposits by residents and non-financial institutions accounted for 164.4 billion yuan and 894.1 billion yuan, respectively.
The weighted average monthly interest rate for interbank lending fell 0.88 percentage point from the previous month to 3.38 percent in February.


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