1. Broad money and narrow money rose by 8 percent and 1.5 percent respectively

At end-November, broad money supply (M2) stood at RMB 181.32 trillion, increasing by 8 percent year-on-year, the same pace as a month earlier but down 1.1 percentage points from a year earlier. Narrow money supply (M1), at RMB 54.35 trillion, rose by 1.5 percent year-on-year, down 1.2 percentage points from the end of last month and 11.2 percentage points from a year earlier. The amount of currency in circulation (M0) was RMB 7.06 trillion, increasing by 2.8 percent year-on-year. The month saw a net money injection of RMB 45.7 billion.

2. RMB loans increased by RMB 1.25 trillion while foreign currency loans dropped by USD 17.7 billion in November

At end-November, outstanding RMB and foreign currency loans totalled RMB 140.8 trillion, up 12.6 percent year-on-year. Outstanding RMB loans grew by 13.1 percent year-on-year to RMB 135.21 trillion, the same pace as a month earlier but down 0.2 percentage point from a year earlier.

In November, RMB loans increased by RMB 1.25 trillion, RMB 126.7 billion more than the growth in the same period last year. By sector, household loans rose by RMB 656 billion, with short-term loans and medium and long-term (MLT) loans increasing by RMB 216.9 billion and 439.1 billion, respectively; loans to non-financial enterprises, government agencies and organizations rose by RMB 576.4 billion, with short-term loans dipping by RMB 14 billion, and MLT loans and bill financing increasing by RMB 329.5 billion and 234.1 billion, respectively; loans to non-banking financial institutions rose by RMB 27.7 billion.

At end-November, outstanding foreign currency loans stood at USD 805.8 billion, down 3.3 percent year-on-year. In November, foreign currency loans decreased by USD 17.7 billion, compared with an increase of USD 10.4 billion in the same period last year.

                                                                               

3. RMB deposits rose by RMB 950.7 billion while foreign currency deposits fell by USD 7.2 billion in November

At end-November, the outstanding amount of RMB and foreign currency deposits was RMB 182.5 trillion, up 7.3 percent year-on-year. RMB deposits recorded an outstanding amount of RMB 177.43 trillion, rising by 7.6 percent year-on-year, down 0.5 percentage point from the end of last month and 2 percentage points from a year earlier.

In November, RMB deposits rose by RMB 950.7 billion, RMB 614.8 billion less than the growth in the same period last year. Specifically, household deposits, deposits of non-financial enterprises and deposits of non-banking financial institutions climbed by RMB 740.6 billion, 733.5 billion and 312.5 billion,  respectively, while fiscal deposits declined by RMB 664.3 billion.

At end-November, the outstanding amount of foreign currency deposits was USD 731.5 billion, down 6.8 percent year-on-year. In November, foreign currency deposits fell by USD 7.2 billion, compared with an increase of USD 5.7 billion in the same period last year.

4. In November, the monthly weighted average interest rate for interbank RMB lending stood at 2.49 percent and the monthly weighted average interest rate for bond pledged repo was 2.46 percent

In November, lending, cash bond and bond repo transactions in the interbank RMB market totalled RMB 103.53 trillion, with the daily average rising by 30.5 percent year-on-year to RMB 4.71 trillion. Specifically, the average daily turnover of interbank lending, cash bond trading and pledged repo trading grew by 86 percent, 69.5 percent and 21.5 percent year-on-year, respectively.

In November, the monthly weighted average interbank lending rate stood at 2.49 percent, up 0.07 percentage point month-on-month while down 0.43 percentage point year-on-year. The monthly weighted average interest rate for bond pledged repo was 2.46 percent, up 0.07 percentage point month-on-month while down 0.54 percentage point year-on-year.

5. RMB cross-border trade settlement reached RMB 484.33 billion and RMB settlement of direct investment posted RMB 201.67 billion in November

In November, RMB settlement of cross-border trade in goods, cross-border trade in services and other current account items, ODI and FDI amounted to RMB 356.75 billion, 127.58 billion, 46.49 billion and 155.18 billion, respectively.

Notes:

1. Data for the current period are preliminary.

2. In January 2018, the PBC improved the statistics of money market funds as part of the money supply, replacing deposits (certificates of deposit included) of money market funds with money market funds held by the non-depository-institution sector. As a result, month-end M2 growth rates in 2017 have been adjusted as shown below:

Month	Jan.2017	Feb. 2017	Mar. 2017	Apr. 2017	May 2017	Jun. 2017
M2 growth rate	10.7%	10.4%	10.1%	9.8%	9.1%	9.1%
Month	Jul. 2017	Aug. 2017	Sept. 2017	Oct. 2017	Nov. 2017	Dec. 2017
M2 growth rate	8.9%	8.6%	9.0%	8.9%	9.1%	8.1%

3. Since August 2014, re-export trade has been removed from the statistics of trade in services to be included in trade in goods, reducing the former and expanding the latter correspondingly.

4. Starting from 2015, deposits of non-banking financial institutions have been included in RMB deposits, foreign currency deposits and deposits in RMB and foreign currencies; lending to non-banking financial institutions has been included in RMB loans, foreign currency loans and loans in RMB and foreign currencies.