Financial Conditions（March 2023）

Monetary Aggregates   For the month of March 2023, the monthly growth rates of the monetary aggregates M1B and M2 (measured on a daily average basis) were -0.05% and 0.32%, respectively. The annual growth rate of M1B decreased to 2.01% mainly because of slower growth in demand deposits, while the annual growth rate of M2 decreased to 6.58% mainly because of slower growth in foreign currency deposits. For the first three months of this year, the average annual growth rates of M1B and M2 were 2.26% and 6.68%, respectively.

Loans and Investments of Financial Institutions   At the end of March 2023, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.96%, higher than that at the end of the previous month. Meanwhile, the annual growth rate increased from 5.52% at the end of the previous month to 5.76% because of faster growth in bank claims on the government. If loans and investments extended by life insurance companies and loans reclassified and 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 4.44%, higher than the 4.28% registered at the end of the previous month.

Notes:

1. The next Financial Conditions (April 2023) is scheduled for release at 16:20 on May 24, 2023.

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