The People's Bank of China (PBOC) announced on Monday that the country's broad money supply (M2) stood at 309.71 trillion yuan (more than 43 trillion U.S. dollars) at the end of October, reflecting a 7.5-percent year-on-year increase.
This marks a 0.7 percentage point rise from the previous month, continuing a two-month upward trend.
In contrast, narrow money (M1) supply, which includes demand deposits, declined by 6.1 percent year on year, totaling 63.34 trillion yuan (more than 8.8 trillion U.S. dollars).
The subtle shift from M1 toward concentrations in M2 indicates that China's efforts to improve financial liquidity are proving successful.
In terms of lending, the balance of loans denominated in Chinese yuan amounted to 254.1 trillion yuan (more than 35.32 trillion U.S. dollars) by the end of October, an 8-percent increase from the same period last year.
Meanwhile, yuan deposits hit 301.48 trillion yuan (more than 41.9 trillion U.S. dollars), up 7 percent year on year.
Over the first ten months of the year, yuan deposits grew by 17.22 trillion yuan (nearly 2.4 trillion U.S. dollars.)
The data also shows key interest rates in the interbank market in October -- the monthly weighted average interest rate for interbank yuan borrowing -- stood at 1.59 percent, while that for pledged bonds repurchase agreements was 1.65 percent.
In October, the total cross-border yuan settlement for current account transactions reached 1.31 trillion yuan (more than 182.1 billion U.S. dollars) and cross-border yuan settlements for direct investment totaled 630 billion yuan (about 87.5 billion U.S. dollars.)
China's broad money supply grows 7.5 pct in October
