BEIJING, Jan. 14 (Xinhua) -- China's yuan-denominated loans rose by 18.09 trillion yuan (about 2.52 trillion U.S. dollars) in 2024, central bank data showed on Tuesday.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 7.3 percent year on year to 313.53 trillion yuan at the end of December.
The M1, which covers cash in circulation plus demand deposits, stood at 67.1 trillion yuan at the end of December, down 1.4 percent year on year.
The M0, which indicates the amount of cash in circulation, rose by 13 percent year on year to a total of 12.82 trillion yuan at the end of last month, per the data.
Outstanding yuan loans stood at 255.68 trillion yuan at the end of December, an increase of 7.6 percent year on year.
The data also showed that outstanding social financing stood at 408.34 trillion yuan at the end of last month, up 8 percent year on year.
Xuan Changneng, deputy governor of the People's Bank of China (PBOC), said at a press conference on Tuesday that China's overall monetary policy has yielded positive results in 2024. He highlighted that the year-on-year growth of social financing, the M2 and yuan loans surpassed the nominal economic growth rate.
Xuan also indicated that the PBOC will implement a moderately loose monetary policy this year. Since the end of 2019, the PBOC has consistently reduced the reserve requirement ratio and interest rates, resulting in an accumulated effect that has fostered a relatively loose environment for social financing. ■
