China: Money Supply - M1

Macro

2026-09-15

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

In August 2026, China's M1 money supply slightly increased to 115,774.143 billion RMB, a marginal rise from the previous month's 115,462.30 billion RMB. Although liquidity is abundant and the M1 year-on-year growth rate expanded slightly, both M2 and new loans fell short of expectations, highlighting that funds are idling in the banking system, and the real economy as well as household consumption willingness still need to be boosted.

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AI Data Insight

In August 2026, China's M1 money supply slightly increased to 115,774.143 billion RMB, a marginal rise from the previous month's 115,462.30 billion RMB. Although liquidity is abundant and the M1 year-on-year growth rate expanded slightly, both M2 and new loans fell short of expectations, highlighting that funds are idling in the banking system, and the real economy as well as household consumption willingness still need to be boosted.

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Macro
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