China Money Supply M1

The People's Bank of China (PBoC) announced that a new statistical measure of the M1 money supply will be implemented starting January 2025. This updated measure will include personal demand deposits and customer reserves of non-bank payment institutions, aligning with practices of other major economies. The central bank stated on late Monday that it will release the first M1 reading using this new measure in early February 2025, covering data for January 2025. Additionally, it will unveil revised M1 outstanding figures and growth rates from January 2024 under the new standard. Governor Pan Gongsheng, speaking at a forum, mentioned that the PBoC will also enhance the monitoring of M2 and overall social liquidity. He added that the PBoC plans to use a range of monetary policy tools and enhance countercyclical measures in 2025 to maintain sufficient liquidity and reduce overall financing costs for businesses and households.