Yuan-denominated loans in China rose by 16.02 trillion yuan (about 2.27 trillion U.S. dollars) in the first three quarters of the year, central bank data showed on Monday.
Lending to households increased by 1.94 trillion yuan, while corporate loans increased by 13.46 trillion yuan. Loans to non-banking financial institutions increased by 188.7 billion yuan.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.8 percent year on year to 309.48 trillion yuan at the end of September.
The M1, which covers cash in circulation plus demand deposits, stood at 62.82 trillion yuan at the end of September, down 7.4 percent year on year.
Social financing reached 25.66 trillion yuan in the first nine months, down 3.68 trillion yuan compared to the same period last year.
Outstanding yuan loans totaled 253.61 trillion yuan at the end of last month, marking an increase of 8.1 percent year on year, the data revealed.
China’s yuan loans grow by 16.02 trln yuan in first 3 quarters
The Organization of the Petroleum Exporting Countries (OPEC) on Monday further trimmed forecasts for global oil demand growth this year and next, marking the organization’s downward revision for the third consecutive month.
In its monthly oil market report for October, OPEC projected a global oil demand growth of 1.93 million barrels per day (bpd) for 2024, down 106,000 bpd from the growth of 2.03 million bpd expected last month.
OPEC attributed the adjustment to “actual data received combined with slightly lower expectations for the oil demand performance in some regions.”
Despite the third successive downward revision, OPEC said this year’s world oil demand growth is “still well above the historical average of 1.4 million bpd seen before the COVID-19 pandemic.”
For next year, the oil-producer group cut its 2025 global oil demand growth estimate to 1.64 million bpd from last month’s assessment of 1.74 million bpd.
OPEC twice lowered its forecasts for global oil demand growth in 2024 and 2025 in its monthly market reports published in August and September. Until August, OPEC had maintained its global oil demand growth forecasts of 2.25 million bpd this year and 1.85 million bpd next year since they were first made in July last year.
Last month, eight member countries of OPEC+, a group comprising OPEC and its allies, announced an extension of their voluntary oil production cuts by two months until November. The countries will start to gradually phase out these output cuts from December.
OPEC further cuts 2024, 2025 global oil demand forecast
