China: Money Supply - M1

Macro

2026-10-15

Description

China Money Supply - M1 is compiled and published by the People's Bank of China (PBOC) to measure the total amount of cash in circulation plus corporate demand deposits within the economy.

M1 reflects immediate payment capacity and liquidity, and it is often used to observe short-term dynamics in economic activity and consumption expenditure. Growth in M1 typically indicates an increase in cash and liquidity demand from businesses and consumers, signaling economic expansion, while a decrease in M1 may reflect economic slowdown or contraction in market liquidity.

The PBOC has implemented the newly revised Narrow Money (M1) statistical scope starting from January 2025. This revision further includes Individual Demand Deposits and Customer Reserve for Non-bank Payment Institutions, based on the previous M1 definition.

The revised M1 includes: Currency in Circulation (M0), Corporate Demand Deposits, Individual Demand Deposits, Customer Reserve for Non-bank Payment Institutions.

Published by
People's Bank of China (Choice)
Frequency
Monthly
Next Update
Hashtags
China Finance M1

AI Data Insight

China's latest Q3 2026 M1 money supply reached 1,167,563.84 billion RMB, steadily climbing from the previous figure of 1,157,741.43 billion RMB. Despite the increase in total volume, the scissors gap between M2 and M1 continues to widen, reflecting that funds prefer time deposits and have not effectively flowed into the real economy. It is expected that the PBOC will maintain an accommodative tone and even face further pressure to cut interest rates to stimulate market investment and consumption willingness.

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AI Data Insight

China's latest Q3 2026 M1 money supply reached 1,167,563.84 billion RMB, steadily climbing from the previous figure of 1,157,741.43 billion RMB. Despite the increase in total volume, the scissors gap between M2 and M1 continues to widen, reflecting that funds prefer time deposits and have not effectively flowed into the real economy. It is expected that the PBOC will maintain an accommodative tone and even face further pressure to cut interest rates to stimulate market investment and consumption willingness.

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Description

China Money Supply - M1 is compiled and published by the People's Bank of China (PBOC) to measure the total amount of cash in circulation plus corporate demand deposits within the economy.

M1 reflects immediate payment capacity and liquidity, and it is often used to observe short-term dynamics in economic activity and consumption expenditure. Growth in M1 typically indicates an increase in cash and liquidity demand from businesses and consumers, signaling economic expansion, while a decrease in M1 may reflect economic slowdown or contraction in market liquidity.

The PBOC has implemented the newly revised Narrow Money (M1) statistical scope starting from January 2025. This revision further includes Individual Demand Deposits and Customer Reserve for Non-bank Payment Institutions, based on the previous M1 definition.

The revised M1 includes: Currency in Circulation (M0), Corporate Demand Deposits, Individual Demand Deposits, Customer Reserve for Non-bank Payment Institutions.

Published by
People's Bank of China (Choice)
Frequency
Monthly
Next Update
Hashtags
China Finance M1