Reported 7 months ago
The People's Bank of China revealed its latest financial data on June 14, reporting a total of RMB 11.14 trillion in new loans for the first five months of the year, with RMB 948.8 billion added in May, representing a 30% increase from April but falling short of market expectations. Analysts indicated that amidst the context of local government debt and risk handling in small financial institutions, the May loan additions were not considered low. By the end of May, the broad money supply (M2) grew by 7%, marking a slight decrease from April, while M1 contracted by 4.2% year-on-year, expanding from April's 1.4% decline. Overall, China's social financing scale reached RMB 391.93 trillion by the end of May, growing by 8.4% annually, with an increase of RMB 2.06 trillion in May alone. Experts noted that the growth rate of social financing in May remained significantly higher than nominal economic growth, showing stable financial support to the real economy.
Source: YAHOO