8月末M2余额同比增长8.8%，前八个月人民币贷款增加13.46万亿元

Core Viewpoint - The People's Bank of China (PBOC) reported significant increases in monetary supply, loans, and deposits for the first eight months of 2023, indicating a robust financial environment and liquidity in the market [2][3][4][5]. Group 1: Monetary Supply - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, growing by 8.8% year-on-year. The narrow money supply (M1) was 111.23 trillion yuan, with a year-on-year increase of 6%. The currency in circulation (M0) stood at 13.34 trillion yuan, reflecting an 11.7% year-on-year growth [3]. Group 2: Loans - In the first eight months, the total increase in renminbi loans was 13.46 trillion yuan. By the end of August, the total balance of domestic and foreign currency loans was 273.02 trillion yuan, with a year-on-year growth of 6.6%. The balance of renminbi loans was 269.1 trillion yuan, up by 6.8% year-on-year [4]. - Household loans increased by 711 billion yuan, with short-term loans decreasing by 372.5 billion yuan and medium to long-term loans rising by 1.08 trillion yuan. Corporate loans increased by 12.22 trillion yuan, with short-term loans up by 3.82 trillion yuan and medium to long-term loans increasing by 7.38 trillion yuan [4]. Group 3: Deposits - The total increase in renminbi deposits for the first eight months was 20.5 trillion yuan. By the end of August, the balance of domestic and foreign currency deposits was 329.96 trillion yuan, growing by 8.8% year-on-year. The balance of renminbi deposits was 322.73 trillion yuan, with an 8.6% year-on-year increase [5]. - Household deposits rose by 9.77 trillion yuan, while non-financial corporate deposits increased by 610.6 billion yuan [5]. Group 4: Interbank Market - In August, the weighted average interest rate for interbank RMB lending was 1.4%, which is lower by 0.05 percentage points compared to the previous month and 0.37 percentage points year-on-year. The weighted average interest rate for pledged bond repos was 1.41%, also lower by 0.05 percentage points month-on-month and 0.38 percentage points year-on-year [7]. Group 5: Cross-Border Transactions - In August, the amount of cross-border RMB settlements under the current account reached 1.47 trillion yuan, with direct investment cross-border RMB settlements amounting to 0.61 trillion yuan. The breakdown included 1.11 trillion yuan for goods trade and 0.36 trillion yuan for services and other current account items [8].