PBOC · People's Bank of China · Pro

China M1 − M2 Growth Gap

M1 growth minus M2 growth. A rising gap means money is moving from savings into spending deposits, a classic early sign of a pickup in China's activity; a deep negative gap points to weak confidence.

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More People's Bank of China charts

• China M2 Money Supply Pro
  China M2 money supply, end of month, from the PBoC's own statistics tables (months before 2008 from chinadata.live). The USD figure uses the latest rate.
• China M2 Growth (YoY) Pro
  Broad money (M2) growth on a year earlier, each month: the PBoC's main money target. When the official rate isn't out on our source yet, the latest month is worked out from the PBoC's own M2 figures and marked "estimate".
• China M1 Money Supply Pro
  Narrow money (M1): cash plus demand deposits, end of month, from the PBoC's own tables (before 2008 from chinadata.live). The PBoC widened M1 in January 2025 to add households' demand deposits and payment firms' customer funds, hence the jump; growth rates are on the new basis.
• China M1 Growth (YoY) Pro
  Narrow money (M1) growth on a year earlier. Companies hold more ready cash when they plan to spend and invest, so it often turns before activity does. The latest month may be worked out from the PBoC's own M1 figures and marked "estimate".
• China M0 (Cash in Circulation) Pro
  Banknotes and coins in circulation, end of month, from the PBoC's own tables (before 2008 from chinadata.live).
• China New Yuan Loans Pro
  New yuan bank loans in the month, to everyone including non-bank financial firms. Can be negative in heavy repayment months. PBoC via chinadata.live.
• China Yuan Loan Growth (YoY) Pro
  Growth of the stock of yuan bank loans on a year earlier. This PBoC series starts in 2025 on chinadata.live.
• China Total Social Financing Pro
  Total Social Financing stock: bank loans, bonds and other credit to China's economy, end of month (quarterly in 2015), from the PBoC's own tables. Used as a proxy for China debt.

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General information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.