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1st LD-Writethru: China's new yuan loans drop in February

Xinhua, March 11, 2016 Adjust font size:

China's new yuan-denominated lending in February dropped to 726.6 billion yuan (111.96 billion U.S. dollars), 297 billion yuan less than a year earlier, official data showed on Friday.

It went far below market expectations as new yuan-denominated lending in January exploded 71 percent year on year to 2.51 trillion yuan.

Despite this, the outstanding lending stood at 97.19 trillion yuan at the end of February, up 14.7 percent year on year, the People's Bank of China said in a statement on its website.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 13.3 percent year on year to 142.46 trillion yuan at the end of February.

The M1, a narrow measure of money supply that covers cash in circulation plus demand deposits, rose 17.4 percent year on year to 39.25 trillion yuan, the statement said.

The M0, the amount of money in circulation, stood at 6.94 trillion yuan, a year-on-year drop of 4.8 percent. The central bank drained 310.5 billion yuan of cash from the market in February.

Newly-added social finance in February, a measurement of funds that non-financial firms and households get from the financial system, was 780.2 billion yuan, 580.7 billion yuan less from the same period last year, but a sharp drop of 2.65 trillion yuan from January.

At the end of February, yuan-denominated deposits stood at 138.6 trillion yuan, up 13.3 percent. In February alone, yuan-denominated deposits gained 846.7 billion yuan.

By the end of February, total outstanding loans stood at 102.53 trillion yuan, up 13.6 percent from the previous year. Outstanding deposits in both yuan and non-yuan currencies rose 13 percent year on year to 142.89 trillion yuan at the end of last month. Endi