Accoridng to financial data released by the PBOC, the growth of new RMB loans and social financing in January was higher than expectations. New RMB loans reached RMB 3.23 trillion, higher than the expected RMB 3 trillion, a record high in any single month. The scale of social financing followed a similar trend as it reached RMB$ 4.64 trillion, also much higher than the expected RMB 3.307 trillion, again a record breaker. In January, M2, M1 and M0 currency supply increased by 8.4%, 0.4% and 17.2% respectively.

In terms of new loan structure, loans from the household sector increased by RMB 989.8 billion, among which short-term loans increased by RMB 293 billion, medium and long-term loans by RMB 696.9 billion; loans from non-financial enterprises and institutions increased by RMB 2.58 trillion, with RMB 519.19 billion in short-term loans, and RMB 1.4 trillion in medium-and-long terms. The loan for non-banking financial institutions was reduced by RMB 338.6 billion.