Feb. 20, 2012 (China Knowledge) - China's social finance aggregate amounted to RMB 955.9 billion in January 2012, RMB 800.1 billion less than the country realized in the same month of 2011, according to a report released by People's Bank of China
Of the total social finance aggregate, RMB 738.1 billion was derived from new RMB-denominated loans, reflecting a year-on-year decline of RMB 288.2 billion. Last month, the amount of foreign currency loans declined RMB 14.8 billion.
Aggregate finance, a broader measure of China's economy, including traditional loans, direct financing and a wider variety of alternative loan products, was sufficient to support economic growth.
China's central bank begun to use social financing aggregate since last year to study banks' ballooning off-balance-sheet lending to better measure overall money supply to the real economy, China Knowledge reported earlier.