This photo taken on Oct. 19, 2023 shows the People's Bank of China in Beijing, capital of China. (Photo/Xinhua)
Beijing - China's yuan-denominated loans rose by 11.52 trillion yuan (about 1.71 trillion U.S. dollars) in the first three quarters of 2026, central bank data showed Wednesday.
At the end of September, outstanding yuan loans stood at 283.44 trillion yuan, up 4.8 percent year on year, according to the People's Bank of China (PBOC).
M2, a broad measure of money supply that covers cash in circulation and all deposits, stood at 359.63 trillion yuan at the end of September, up 7.2 percent year on year.
M1, which covers currency in circulation, corporate demand deposits, personal demand deposits and provisions received by non-bank payment institutions, reached 116.76 trillion yuan at the end of September, a rise of 3.2 percent from a year earlier.
China's outstanding aggregate financing to the real economy stood at 468.17 trillion yuan at the end of September, up 7.1 percent year on year, according to the central bank.
"China's major financial aggregates have maintained reasonable growth, with M2 and aggregate financing to the real economy growing at appropriate rates," said Tian Xuan, dean of Peking University's Guanghua School of Management. "This has helped create a favorable monetary and financial environment for sustained economic improvement."
Since the beginning of the year, the PBOC has introduced two rounds of structural monetary policy measures to address the needs of China's transition to new growth drivers and help financial institutions better align their services with the needs of the real economy.
The latest round of structural monetary policy measures, announced in September, included cutting the one-year interest rate of the Pledged Supplementary Lending (PSL) facility from 1.75 percent to 1.5 percent, expanding the scope of PSL support, and increasing the quota of the relending facility for sci-tech innovation and technological upgrades by 200 billion yuan.
The policy package will channel more funds to areas such as equipment upgrades, strengthen support for sci-tech enterprises, help ease financing constraints on private businesses and reduce their financing costs, said Dong Qingma, deputy head of the Institute of Chinese Financial Studies of Southwestern University of Finance and Economics.
The effects of the September policy package are expected to emerge gradually, with existing and new monetary policy measures working in tandem to provide continued support for high-quality development of the real economy, experts said.