The Central Bank of the Republic of China published December monetary and financial statistics, reporting that broad money (M2) grew 7.3% year on year to RMB 313.53 trillion at end-December, while RMB lending increased by RMB 18.09 trillion over 2024 and RMB deposits rose by RMB 17.99 trillion. The release also covered interbank money market rates and turnover, foreign exchange reserves and the RMB exchange rate, and cross-border RMB settlement volumes. Narrow money (M1) fell 1.4% year on year to RMB 67.1 trillion, while currency in circulation (M0) rose 13.0% to RMB 12.82 trillion, with net cash injection of RMB 1.47 trillion for the year. Total outstanding loans in RMB and foreign currency reached RMB 259.58 trillion (up 7.2%), including RMB loans of RMB 255.68 trillion (up 7.6%) and foreign currency loans of USD 542.2 billion (down 17.4%); RMB loans rose by RMB 2.72 trillion for households and RMB 14.33 trillion for corporates and institutions. Total deposits in RMB and foreign currency were RMB 308.38 trillion (up 6.4%), with RMB deposits at RMB 302.25 trillion (up 6.3%), led by an increase of RMB 14.26 trillion in household deposits. The December weighted average interbank lending rate was 1.57% and the pledged repo rate was 1.65%, while full-year interbank RMB market turnover totalled RMB 21,616.5 trillion with average daily turnover up 1.3%. Foreign exchange reserves were reported at USD 3.2 trillion at end-December and the RMB exchange rate at 7.1884 per USD; 2024 cross-border RMB settlement totalled RMB 16.27 trillion for current account transactions and RMB 8.25 trillion for direct investment. The data were described as preliminary, and the release noted that M0 includes the digital RMB, with RMB 13.61 billion in circulation at end-December, and that selected non-deposit-taking banking institutions have been included in the statistical coverage since January 2023 on a comparable basis.

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