China Money June 2020


China: Bank lending jumps in June

July 10, 2020

In June, Chinese banks distributed CNY 1.81 trillion (USD 204 billion) in new yuan loans. The reading came in above the CNY 1.48 trillion recorded in May and slightly exceeded the CNY 1.80 trillion that market analysts had expected. In the 12 months up to June, new yuan loans totaled CNY 19.2 trillion (12 months to May: CNY 19.1 trillion).

Total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—rose from CNY 3.19 trillion in May to CNY 3.43 trillion in June. Market analysts had expected a decrease in TSF to CNY 3.05 trillion.

Annual growth in M2—the broadest measure of money supply in China—was stable at May’s 11.1% in June. The result was in line with the figure that market analysts had expected.

FocusEconomics Consensus Forecast participants expect M2 to expand 11.6% in 2020, which is up 0.6 percentage points from last month’s forecast. In 2021, the panel sees M2 growth of 8.6%.


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China Money Chart

China Money June 20 20

Note: New yuan loans in CNY billion and year-on-year variation of M2.
Source: People’s Bank of China (PBOC) and FocusEconomics calculations.

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