China’s broad money supply up 14.1%

China’s broad measure of money supply (M2) amounted to 93.64 trillion yuan (14.86 trillion U.S. dollars) as of the end of October, up 14.1 percent year on year, according to the central bank on Monday.

The growth was down 0.7 percentage points from that at the end of September, but 1.2 percentage points higher than the rate logged at the same time last year, the People’s Bank of China (PBOC) said.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 6.1 percent year on year to 29.33 trillion yuan at the end of October, marking a 1.2-percentage-point retreat from the end of September.

Meanwhile, M0, which measures cash in circulation, rose 10.5 percent to 5.15 trillion yuan as of the end of last month. The net cash injection last month totaled 196.6 billion yuan, according to the data.

The PBOC also announced earlier Monday that China’s new yuan-denominated lending in October dropped 81.6 billion yuan to 505.2 billion yuan.

Xinhua