In January, China’s banks lent a whopping 5.13 trillion yuan (about $706.77 billion), signaling a surge in lending activity, according to the People’s Bank of China.
The money supply, known as M2—which includes cash and deposits—increased by 7% compared to last year, reaching 318.52 trillion yuan. This means there’s more money available in the economy, which can boost spending and investment.
Social financing, which is the total funds that businesses and individuals receive from the financial system, also rose. In January, it reached 7.06 trillion yuan, up 583.3 billion yuan from the same time last year. This brings China’s total social financing to a massive 415.2 trillion yuan.
Additionally, China’s foreign exchange reserves remained steady at $3.2 trillion at the end of January, showcasing the country’s strong financial position globally.
