New RMB loans amounted 699.9 billion in July, M2 rose by 14.5%


Today the Chinese central bank, People’s Bank of China announced financial statistics of July 2013:

By the end of July, the broad money rose by 14.5%, narrow money increased by 9.7%;

RMB loans increased by 699.9 billion yuan, foreign currency loans decreased by $ 18.7 billion

July’s RMB deposits declined by 257.3 billion yuan, foreign currency deposits decreased by $ 16.5 billion

July’s inter-bank lending market weighted average interest rate was 3.54%, bond pledged repo weighted average interest rate was 3.60%

July’s cross-border trade RMB settlement business occurred 357 billion yuan, direct RMB settlement business amounted 30.1 billion yuan.

From the seasonal view, July is generally the month with less credit. Coupled with the money shortage caused by tightening policy, lower incremental credit was witnessed in July compared to that of June. For exampel, the new RMB loans data in July 2012 was record low since October 2011.

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