Loans in China rise 7.2% in Dec 2024

Outstanding renminbi loans grew, but foreign currency loans dropped.

Outstanding renminbi (RMB) and foreign currency loans in China rose 7.2% year-on-year (YoY) to $35.49t (RMB259.58t) as of the end-December 2024, according to data from the People’s Bank of China (PBOC).

RMB loans grew by 7.6% YoY to $34.95t (RMB255.68t) over the same period.

New RMB loans totalled $2.47t (RMB18.09t) for the whole year, with household loans, short-term loans, and medium and long-term loans (MLT) recording growth.

Household loans rose by $371.83b (RMB2.72); short-term loans grew by $64.69b (RMB473.2b); and MLT loans rose $307.58b (RMB2.25t).

Loans to enterprises and public institutions also recorded growth in 2024, rising by $1.96t (RMB14.33t). Loans to non-banking financial institutions (NBFI) climbed by RMB285.5b.

Outstanding foreign currency loans stood at $542.2b by end-December, down 17.4% YoY.

Foreign currency loans decreased by USD114.2b for the full year, the PBOC said.

(US$1 = RMB7.32; data from Google, 20 January 2025)