City skyline in China

China Money Supply

China Money Supply

Money in China

In the year 2024, the money in China was 7.27%, compared to 11.01% in 2014 and 9.70% in 2023. It averaged 9.94% over the last decade. For more monetary base information, visit our dedicated page.

China Money Supply Chart

Note: This chart displays Money (annual variation in %) for China from 2024 to 2023.
Source: Macrobond.

China Money Supply Data

2019 2020 2021 2022 2023
Money (ann. var. of M2 %) 8.7 10.1 9.0 11.8 9.7

Credit provision is muted in September

Latest reading: In September, Chinese banks distributed CNY 1590 billion in new yuan loans, up from August’s 900 billion figure but below market expectations. Money supply rose 6.8% year on year in September (August: +6.3% yoy). Finally, the stock of total social financing (TSF) – a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments – increased 8.0% in the month (August: 8.1% yoy). The latest data is reflective of subdued demand in the economy, as well as the government’s regulatory push to fix artificially inflated loan data.

Panelist insight: Digging deeper into the latest data, Nomura analysts said: “Stronger-than-usual bill financing and weaker-than-usual corporate bond financing suggest real credit demand was still quite weak in September, appearing to be consistent with the disappointing data in inflation and exports. Government bond remains a major driver, as its net financing contributed slightly more than 40% of overall credit extension in September.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chinese money supply projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable money supply forecast available for Chinese money supply.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Chinese money supply projections.

Want to get access to the full dataset of Chinese money supply forecasts? Send an email to info@focus-economics.com.

Latest Global Money News

  • China: Credit data is soft in November
    Latest reading: In November, Chinese banks distributed CNY 580 billion in new yuan loans, up from October’s 500 billion figure...
  • China: Credit supply stays soft in October
    Latest reading: In October, Chinese banks distributed CNY 500 billion in new yuan loans, up from September’s 1590 billion figure...
  • China: Credit data is weak in July
    In July, Chinese banks distributed CNY 260 billion in new yuan loans, down from June’s 2130 billion figure and well...
  • China: Credit growth slows in June
    In June, Chinese banks distributed CNY 2130 billion in new yuan loans, up from May’s 950 billion figure but slightly...

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