The growth rates of broad money supply (M2) and social financing in China both picked up in the first eight months of 2024, with the country's financial support for its real economy remaining stable, according to data released by the People's Bank of China, the central bank, on Friday.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.3 percent year on year to 305.05 trillion yuan (about 43 trillion U.S. dollars) at the end of August, according to the central bank.
The outstanding aggregate social financing saw a growth of 8.1 percent as of the end of August. Of the amount, the outstanding yuan-denominated loans for the real economy reached 248.89 trillion yuan, also representing an 8.1-percent year-on-year increase.
In addition, the increase in social financing scale reached 21.9 trillion yuan, while the yuan-denominated loans rose by 14.43 trillion yuan in the first eight months, both of which are higher than market expectations, with the growth topping 8 percent.
Finance has also provided diversified support for the transformation and upgrading of the real economy.
From January to July, the total amount of bonds issued by enterprises nationwide was 8.4 trillion yuan, an increase of 574.8 billion yuan year on year.
China's broad money supply, social financing pick up in first 8 months of 2024: central bank
