In the first six months of 2024, the increase in our country's social financing scale, which is the total amount of new loans and financing, reached 18.1 trillion yuan, 3.45 trillion yuan less than the same period last year. Among them, the RMB loans directly lent to enterprises and the public increased by 12.46 trillion yuan, but this number is also 3.15 trillion yuan less than last year.

After converting foreign currency loans into RMB, the amount decreased by 8 billion yuan, fortunately, the reduction is 162 billion yuan less than last year. The entrusted loans decreased by 91.7 billion yuan, which is 166 billion yuan more than last year. Trust loans are a bright spot, increasing by 309.8 billion yuan, which is 287 billion yuan more than last year.

There is also a financing method called undiscounted bank acceptance bills, which decreased by 236.5 billion yuan, 321.9 billion yuan more than last year. Corporate bonds helped them to net finance 1.41 trillion yuan, an increase of 237 billion yuan. Government bonds net financed 3.34 trillion yuan, 3.93 billion yuan less than last year. Non-financial enterprises financed 121.4 billion yuan through the stock market, but 338.2 billion yuan less than last year.

These numbers and information all come from the People's Bank of China and the national financial regulatory department, because since 2023, our banking system has adjusted the scope of financial statistics, adding data from several special financial institutions.

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Social Financing Scale Stock Statistical Data Report for June 2024

At the end of June 2024, the total amount of all loans and financing in our country reached 395.11 trillion yuan, an increase of 8.1% compared to the same period last year. This includes many different types of loans and investments:

The total amount of RMB borrowed by enterprises and the public from banks is 247.93 trillion yuan, an increase of 8.3% compared to last year.

The amount borrowed in foreign currency, converted into RMB, is 166 billion yuan, but this number is 12.2% less than last year.

The total amount of money borrowed through special methods, such as entrusted loans, is 1.118 trillion yuan, a decrease of 1.3% compared to last year.

The amount of money borrowed through trust companies is 421 billion yuan, an increase of 11.8%.There is also a special type of bill called a bank acceptance bill, the loan balance of this method has reached 2.25 trillion yuan, a decrease of 18.2%.

The money borrowed by enterprises through the issuance of bonds is 32.02 trillion yuan, an increase of 2.2% compared to last year.

The total amount of bonds issued by the government has reached 73.13 trillion yuan, an increase of 15%.

The funds raised by non-financial enterprises in the stock market are 11.55 trillion yuan, an increase of 4.1% compared to last year.

From these figures, it can be seen that RMB loans are our most commonly used method of borrowing, accounting for 62.8% of the total loans. Although there are increases and decreases in other methods, overall, our loans and financing are still growing steadily.

Financial Statistical Data Report for the First Half of 2024

I. Changes in Money

As of the end of June, the country's broad money (M2, which is the total amount of money in our hands and bank accounts) reached 305.02 trillion yuan, an increase of 6.2% compared to the same period last year. This is a good increase! However, the narrow money (M1, mainly cash in circulation plus corporate deposits) decreased by 5%, now at 66.06 trillion yuan. The cash in our pockets (M0) increased by 11.7%, reaching 11.77 trillion yuan. In the first half of this year, banks also put an additional 429.2 billion yuan of cash into the market.

II. More Borrowed Money

By the end of June, the total amount of RMB loans from banks to individuals and companies reached 250.85 trillion yuan, an increase of 8.8%. In this half year, RMB loans increased by 13.27 trillion yuan. Household loans increased by 1.46 trillion yuan, most of which were medium and long-term loans for buying houses and cars. Corporate loans increased by 11 trillion yuan, but financing through bill methods decreased by 344 billion yuan. Loans from non-bank financial institutions also increased by 388.9 billion yuan.In terms of foreign currency loans, the balance has seen a slight decrease, reaching 627.2 billion US dollars by the end of June, a 12% reduction within a year, and a decrease of 29.2 billion US dollars in the first half of the year.

III. Increased Savings

By the end of June, the total amount of RMB deposits was 295.72 trillion yuan, an increase of 6.1%, with an addition of 11.46 trillion yuan in half a year. Household savings increased by 9.27 trillion yuan, but corporate deposits decreased by 1.45 trillion yuan. Government deposits decreased by 243.4 billion yuan, while deposits of non-bank financial institutions increased by 2.21 trillion yuan.

In terms of foreign currency deposits, there was a slight decrease of 0.1%, reaching 836.5 billion US dollars by the end of June, but an actual increase of 38.7 billion US dollars in the first half of the year.

IV. Interbank Lending Rates

In the interbank market, the interest rate for borrowing and lending among people was 1.87% in June. This interest rate is 0.3 percentage points higher than the same period last year, which means the cost of borrowing has increased. Another lending method called the repurchase agreement, its interest rate is 1.89%, which is also slightly higher than last year.

In the first half of this year, the daily transaction volume in the interbank market was 8.49 trillion yuan, an increase of 3% compared to last year. However, for different lending methods, some have increased, while others have decreased.

Foreign Exchange Reserves: As of the end of June, China's foreign exchange reserves were 3.22 trillion US dollars.

RMB Exchange Rate: The RMB exchange rate at the end of June was 1 US dollar for 7.1268 RMB.

Cross-border RMB Settlement: In the first half of 2024, the cross-border RMB settlement amount under the current account reached 7.71 trillion yuan. This includes 5.89 trillion yuan for goods trade, 1.82 trillion yuan for service trade, and other current items. The amount of cross-border RMB settlement for direct investment was 4.13 trillion yuan, including 1.43 trillion yuan for outward direct investment and 2.7 trillion yuan for foreign direct investment.Data Annotation:

Note 1 indicates that the current data is a preliminary statistical number.

Note 2 mentions that since 2015, deposit and loan data include the relevant amounts of non-banking financial institutions.

Note 3 clarifies that the enterprise (institution) unit loans reported in the document refer to loans of non-financial enterprises and government organizations.

Note 4 states that starting from December 2022, "Currency in Circulation (M0)" began to include digital RMB in circulation, with an end-of-month balance of 13.61 billion yuan. This change had no significant impact on the growth rates of M1 and M2 at the end of each month in 2022.

Note 5 states that starting from January 2023, the People's Bank of China will include three types of non-deposit financial institutions such as consumer finance companies, wealth management companies, and financial asset investment companies in the scope of financial statistics. At the end of January 2023, the loan balance of these institutions was 841 billion yuan, an increase of 5.7 billion yuan for the month; the deposit balance was 22.2 billion yuan, an increase of 2.7 billion yuan for the month. All data are calculated based on a comparable approach.