China's financing activity shows signs of slowing down

China's financing activity showed signs of slowing down as the increment in aggregate social financing — the total amount of financing to the real economy — reached 8.06 trillion yuan ($1.12 trillion) in the first two months of 2024, down by 1.1 trillion yuan compared with same period of last year, official data showed.

The People's Bank of China, the country's central bank, said on Friday that China's outstanding aggregate social financing came in at 385.72 trillion yuan as of the end of February, up 9 percent year-on-year.

The growth rate was down from 9.5 percent by the end of January and 9.9 percent seen a year earlier, according to the central bank.

Meanwhile, the PBOC said that the increment in yuan-denominated loans came in at 6.37 trillion yuan during the January-February period. The broad money supply, or M2, stood at 299.56 trillion yuan as of the end of February, up 8.7 percent year-on-year, the same rate as a month earlier.