Financial Conditions (July 2021)

Monetary Aggregates   For the month of July 2021, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were 0.81% and 0.34%, respectively, both lower than those of the previous month. The annual growth rates of M1B and M2 decreased to 16.67% and 8.70%, respectively, mainly because of net foreign capital outflows and slower growth in bank loans and investments. For the first seven months of this year, the average annual growth rates of M1B and M2 were 17.72% and 8.98%, respectively.

Loans and Investments of Financial Institutions   At the end of July 2021, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.15%, lower than that at the end of the previous month. Meanwhile, the annual growth rate decreased from 7.93% at the end of the previous month to 7.58% mainly because of slower growth in bank claims on the private sector and the government.  If loans and investments extended by life insurance companies and non-accrual loans reclassified and bad loans written off by monetary financial institutions were all taken into account, the total outstanding loans and investments of financial institutions would show an annual growth rate of 6.80%, lower than the 7.39% registered at the end of the previous month.

Notes: 1. The next Financial Conditions (August 2021) is scheduled for release at 16:20 on September 23, 2021.

2. For the release schedule for the coming months, please check the Advance Release Calendar.