IV. All-system Financing Aggregates Grew at a Reasonable Pace
According to preliminary statistics, at the end of June stocks of all-system financing aggregates reached RMB 166.92 trillion, up 12.8 percent year on year and representing an acceleration of 0.4 percentage point from the same period of the last year. During the first half of 2017, incremental all-system financing aggregates reached RMB 11.17 trillion, up RMB 1.36 trillion year on year.Incremental all-system financing aggregates was characterized by the following three features. First, growth of RMB loans to the real economy registered a year-on-year acceleration. During the first half of 2017, RMB loans to the real economy increased by RMB 8.21 trillion, an acceleration of RMB 728.8 billion from the same period of the last year, accounting for 73.5 percent of incremental all-system financing aggregates. Second, growth of trust loans and undiscounted bankers’ acceptance bills registered a significant year-on-year acceleration, whereas growth of entrusted loans registered a considerable year-on-year deceleration. During the first half of 2017, trust loans increased by RMB 1.31 trillion, representing an acceleration of RMB 1.03 trillion from the same period of the last year; undiscounted bankers’ acceptance bills increased by RMB 569.6 billion, representing an acceleration of RMB 1.85 trillion; and entrusted loans increased by RMB 598.8 billion, representing a deceleration of RMB 447.7 billion. Third, the decline in corporate bond financing posted a significant year-on-year acceleration and stock financing registered a year-on-year decrease. During the first half of 2017, corporate bond financing decreased by RMB 370.8 billion, about RMB 2.14 trillionmore than that during the same period of the last year, and non-financial corporate stock financing recorded RMB 470.2 billion, which was a decrease of RMB 132.1 billion from the same period of the last year.
Table 4 Stocks of All-System Financing Aggregates at end-June, 2017
Unit: RMB 100 million, %
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| All-system financing aggregates① | Of which: | ||||||
| RMB loans | Foreign- currency denominated (RMB equivalent) | Entrusted loans | Trust loans | Undiscounted bankers’ acceptances | Enterprise bonds | Financing by domestic institutions via domestic stock markets | ||
| End-June② | 166.92 | 113.40 | 2.62 | 13.79 | 7.59 | 4.47 | 17.67 | 6.24 |
| YOY change | 12.8 | 13.1 | -3.0 | 14.4 | 32.3 | -2.3 | 7.1 | 21.7 |
Notes: 1. Stocks of all-system financing aggregates refer to the total outstanding volume of financing provided by the financial system to the real economy (the non-financial corporate sectors and the household sectors in the domestic market) at the end of a certain period of time. 2. Data for the current period are preliminary. Stocks are based on the book value or the face value. The year-on-year change is annualized and based on comparable data.
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Sources: People’s Bank of China, National Development and Reform Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, China Central Depository and Clearing Co., Ltd., and National Association of Financial Market Institutional Investors.
Table 5 Increments in All-system Financing Aggregates during the First Half of 2017
Unit: RMB 100 million, %
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| Incremental all-system financing aggregates① | Of which: | ||||||
| RMB loans | Foreign- currency denominated (RMB equivalent) | Entrusted loans | Trust loans | Undiscounted bankers’ acceptances | Enterprise bonds | Financing by domestic institutions via domestic stock markets | ||
| First half of 2017 ② | 111684 | 82097 | 473 | 5988 | 13115 | 5696 | -3708 | 4702 |
| YOY change | 13625 | 7288 | 4260 | -4477 | 10323 | 18464 | -21381 | -1321 |
Notes: ① An increment in the all-system financing aggregates refers to the total volume of financing provided by the financial system to the real economy (the non-financial corporate sector and the household sector of the domestic market) during a certain period of time. ② Data for the current period are preliminary.
Sources: People’s Bank of China, National Development and Reform Commission, China Securities Regulatory Commission, China Insurance Regulatory Commission, China Central Depository and Clearing Co., Ltd., and National Association of Financial Market Institutional Investors, and so forth.
V. Interest Rates of Deposits and Loans Increased Slightly
In June, the weighted average interest rate of loans offered to non-financial enterprises and other sectors was 5.67 percent, an increase of 0.41, 0.14, and 0.4 percentage point compared with June 2016, March of this year, and December of last year, respectively. In particular, the weighted average interest rate of ordinary loans posted 5.71 percent, up 0.08 percentage point from March; the weighted average bill financing rate posted 5.39 percent, up 0.62 percentage point from March. The interest rate of home mortgage loans edged up, with its weighted average interest rate posting 4.69 percent in June, up 0.14 percentage point from March.
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