This article is from: People's Bank of China.

On June 14th, the central bank released financial data for May 2024.

As of the end of May, the broad money supply (M2) was 301.85 trillion yuan, up 7% year-on-year. The narrow money supply (M1) was 64.68 trillion yuan, down 4.2% year-on-year. The currency in circulation (M0) was 11.71 trillion yuan, up 11.7% year-on-year. Net cash injection was 361.8 billion yuan in the first five months.

The incremental social financing scale for the first five months of 2024 is 14.8 trillion yuan, which is 252 billion yuan less than the same period last year. RMB loans increased by 1.114 trillion yuan in the first five months, and RMB deposits increased by 900 billion yuan in the same period.

The cumulative increase in social financing for the first five months was 14.8 trillion yuan.

Preliminary statistics show that the cumulative increase in the scale of social financing in the first five months of 2024 was 14.8 trillion yuan, which is 252 billion yuan less than the same period last year.

Among them, RMB loans issued to the real economy increased by 1.026 trillion yuan, a decrease of 210 billion yuan year-on-year; equivalent RMB loans issued to the real economy in foreign currency increased by 72.7 billion yuan year-on-year; entrusted loans decreased by 91.5 billion yuan year-on-year; trust loans increased by 235 billion yuan year-on-year; undiscounted bank acceptance bills decreased by 31.8 billion yuan year-on-year; net financing of corporate bonds was 1.2 trillion yuan, an increase of 251.9 billion yuan year-on-year; net financing of government bonds was 2.49 trillion yuan, a decrease of 349.7 billion yuan year-on-year; domestic stock financing by non-financial enterprises was 106 billion yuan, a decrease of 283.5 billion yuan year-on-year.

The stock of social financing at the end of May 2024 was 391.93 trillion yuan, an increase of 8.4% year-on-year.

Among them, the balance of RMB loans issued to the real economy was 245.74 trillion yuan, a year-on-year increase of 8.9%; the balance of foreign currency loans issued to the real economy was equivalent to 1.73 trillion yuan, a year-on-year decrease of 7.2%; the balance of entrusted loans was 11.18 trillion yuan, a year-on-year decrease of 1.3%; the balance of trust loans was 4.14 trillion yuan, a year-on-year increase of 9.4%; the balance of undiscounted bank acceptance bills was 2.45 trillion yuan, a year-on-year decrease of 13%; the balance of corporate bonds was 31.84 trillion yuan, a year-on-year increase of 1.9%; the balance of government bonds was 72.28 trillion yuan, a year-on-year increase of 14.7%; the balance of domestic stock financing by non-financial enterprises was 11.54 trillion yuan, a year-on-year increase of 4.6%.

In terms of structure,As of the end of May, the balance of RMB loans issued to the real economy accounted for 62.7% of the stock of social financing in the same period, an increase of 0.3 percentage points year-on-year; the balance of foreign currency loans issued to the real economy accounted for 0.4%, a decrease of 0.1 percentage points year-on-year;

the balance of entrusted loans accounted for 2.9%, a decrease of 0.2 percentage points year-on-year; the balance of trust loans accounted for 1.1%, an increase of 0.1 percentage points year-on-year; the balance of undiscounted bank acceptance bills accounted for 0.6%, a decrease of 0.2 percentage points year-on-year;

the balance of corporate bonds accounted for 8.1%, a decrease of 0.5 percentage points year-on-year; the balance of government bonds accounted for 18.4%, an increase of 1 percentage point year-on-year; the balance of domestic stock financing by non-financial enterprises accounted for 2.9%, a decrease of 0.2 percentage points year-on-year.

RMB loans increased by 1.114 trillion yuan in the first five months.

On the loan side,As of the end of May, the balance of domestic and foreign currency loans was 25.331 trillion yuan, an increase of 8.9% year-on-year. At the end of the month, the balance of RMB loans was 24.873 trillion yuan, an increase of 9.3% year-on-year.

In terms of departments, household loans increased by 889.1 billion yuan, of which short-term loans increased by 29.3 billion yuan and medium and long-term loans increased by 859.8 billion yuan; loans to enterprises and institutions increased by 9.37 trillion yuan, of which short-term loans increased by 2.44 trillion yuan and medium and long-term loans increased by 7.11 trillion yuan. Bills financing decreased by 304.7 billion yuan; loans from non-bank financial institutions increased by 530.6 billion yuan in the first five months.

At the end of May, the balance of foreign currency loans was 644.2 billion US dollars, a year-on-year decrease of 10.7%. Foreign currency loans decreased by 12.2 billion US dollars in the first five months.

On the deposit side,As of the end of May, the balance of domestic and foreign currency deposits was 29.918 trillion yuan, an increase of 6.5% year-on-year. At the end of the month, the balance of RMB deposits was 29.326 trillion yuan, an increase of 6.7% year-on-year.

RMB deposits increased by 9 trillion yuan in the first five months. Among them, household deposits increased by 713 billion yuan, non-financial enterprise deposits decreased by 2.45 trillion yuan, fiscal deposits increased by 575.9 billion yuan, and non-bank financial institution deposits increased by 2.39 trillion yuan.

At the end of May, the balance of foreign currency deposits was 832.3 billion US dollars, a 2.3% YoY decrease. Foreign currency deposits increased by 34.4 billion US dollars in the first five months.

Other important data

The weighted average interest rate for the interbank RMB market lending in May was 1.85%, and the weighted average interest rate for pledged bond repurchase was 1.82%.

In May, the interbank RMB market had a total transaction volume of 16.078 trillion yuan through lending, spot trading, and repurchase, with an average daily transaction volume of 766 billion yuan, a YoY decrease of 18.3%. Among them, interbank lending had a daily average transaction volume decrease of 46.6%, spot trading had a daily average transaction volume increase of 23.5%, and pledged repurchase had a daily average transaction volume decrease of 22.8%.

In May, the weighted average interest rate for interbank lending was 1.85%, 0.02 percentage points lower than last month, and 0.35 percentage points higher than the same period last year. The weighted average interest rate for pledged repurchase was 1.82%, 0.04 percentage points lower than last month, and 0.27 percentage points higher than the same period last year.

In May, the cross-border RMB settlement amount under the current account was 1.3 trillion yuan, and the cross-border RMB settlement amount under direct investment was 0.7 trillion yuan.

In May, the cross-border RMB settlement amount under the current account was 1.3 trillion yuan, of which the trade of goods, trade of services, and other current account items were 0.95 trillion yuan and 0.35 trillion yuan, respectively. The cross-border RMB settlement amount under direct investment was 0.7 trillion yuan, of which the outward direct investment and foreign direct investment were 0.25 trillion yuan and 0.45 trillion yuan, respectively.