Graph and download economic data for M2 for China (MYAGM2CNM189N) from Dec 1998 to Aug 2019 about M2, China, and monetary aggregates.

At the end of 2023, the M2 broad money supply in China amounted to over 292 trillion yuan. Broad money supply had been growing consistently over the years. However, the overall growth rate of all money supply had been decreasing.

Money is not money?

In economic theory, money supply describes the volume of currency that exists in a country. Even though it might sound counterintuitive, there are different types of money. For example, cash, saving deposits, or other liquid assets are then divided into tiers from M1 to M3. Thereby, M2 money or broad money comprised of cash and assets that can easily be converted into cash. The main application of M2 money is making payments and economic transactions. For mainstream economists, the volume of M1 and M2 money can indicate inflation.

The mysterious case of money expansion in China

The post-pandemic economic recovery has not materialized as the growth in the M2 money supply would have indicated in China. As a consequence of global anti-COVID-19 measures, China’s economic growth fell far below the country’s development targets. After another underperforming year in 2022, the M2 money supply grew by almost 13 percent in the first quarter of 2023, but the GDP increased only by 4.5 percent, which indicated that the money does not reach the real economy. Therefore, the Chinese economy could be in a liquidity trap or a balance sheet recession.

Key information about Hong Kong SAR (China) M2 Growth

• Hong Kong SAR (China) Money Supply M2 increased 9.6 % YoY in Jan 2025, compared with a growth of 7.3 % in the previous month
• Hong Kong SAR (China) Money Supply M2 growth data is updated monthly, available from Dec 1981 to Jan 2025
• The data reached an all-time high of 86.8 % in Oct 1982 and a record low of -6.1 % in Oct 2008

CEIC calculates M2 Growth Rate from monthly M2. Hong Kong Monetary Authority provides M2 in local currency.


Further information about Hong Kong SAR (China) M2 Growth

• In the latest reports, Hong Kong SAR (China) Foreign Exchange Reserves was measured at 421.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 9.3 Months of Import in May 2023
• Hong Kong SAR (China) Domestic Credit reached 1,011.8 USD bn in Oct 2024, representing an drop of 0.2 % YoY
• The country's Non Performing Loans Ratio stood at 2.2 % in Dec 2024, compared with the ratio of 2.2 % in the previous quarter
• Household Debt of Hong Kong SAR (China) reached 359.2 USD bn in Dec 2024, accounting for 87.8 % of the country's Nominal GDP

The graph shows the quasi-money (M2) supply in China in selected years from 2000 to 2022. M2 refers to a broader classification of money, comprised of cash and checking deposits (M1) as well as savings deposits, money market mutual funds and other time deposits. At the end of 2022, the value of M2 money supply in China amounted to nearly 28.3 trillion U.S. dollars.

China Money Supply M2: sa: Quasi Money data was reported at 130,114.500 RMB bn in Dec 2018. This records an increase from the previous number of 123,667.800 RMB bn for Sep 2018. China Money Supply M2: sa: Quasi Money data is updated quarterly, averaging 19,609.070 RMB bn from Mar 1993 (Median) to Dec 2018, with 104 observations. The data reached an all-time high of 130,114.500 RMB bn in Dec 2018 and a record low of 1,544.090 RMB bn in Mar 1993. China Money Supply M2: sa: Quasi Money data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under Global Database’s China – Table CN.KA: Money Supply: Quarterly.

A oferta monetária M2 na China aumentou para 318.458,75 bilhões de CNY em janeiro, em comparação com 313.607,14 bilhões de CNY em dezembro de 2024. Valores atuais, dados históricos, previsões, estatísticas, gráficos e calendário econômico - China - Agregado Monetário M2.

China Money Supply M2: Quasi Money: Other Deposits data was reported at 21,319.100 RMB bn in 2018. This records an increase from the previous number of 16,344.066 RMB bn for 2017. China Money Supply M2: Quasi Money: Other Deposits data is updated yearly, averaging 1,319.970 RMB bn from Dec 1990 (Median) to 2018, with 29 observations. The data reached an all-time high of 21,319.100 RMB bn in 2018 and a record low of 65.790 RMB bn in 1990. China Money Supply M2: Quasi Money: Other Deposits data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under China Premium Database’s Money and Banking – Table CN.KA: Money Supply: Quarterly.

Key information about Hong Kong SAR (China) Money Supply M2

• Hong Kong SAR (China) Money Supply M2 was reported at 2,406.638 USD bn in Jan 2025
• This records an increase from the previous number of 2,376.305 USD bn for Dec 2024
• Hong Kong SAR (China) Money Supply M2 data is updated monthly, averaging 462.433 USD bn from Dec 1980 to Jan 2025, with 530 observations
• The data reached an all-time high of 2,406.638 USD bn in Jan 2025 and a record low of 17.615 USD bn in Sep 1981
• Hong Kong SAR (China) Money Supply M2 data remains active status in CEIC and is reported by CEIC Data
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Money Supply M2: USD: Monthly

CEIC converts monthly Money Supply M2 into USD. Hong Kong Monetary Authority provides Money Supply M2 in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.

China Money Supply M2: sa data was reported at 183,684.500 RMB bn in Dec 2018. This records an increase from the previous number of 177,939.200 RMB bn for Sep 2018. China Money Supply M2: sa data is updated quarterly, averaging 30,182.450 RMB bn from Mar 1993 (Median) to Dec 2018, with 104 observations. The data reached an all-time high of 183,684.500 RMB bn in Dec 2018 and a record low of 2,956.520 RMB bn in Mar 1993. China Money Supply M2: sa data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under Global Database’s China – Table CN.KA: Money Supply: Quarterly.

This statistic shows the growth rate of China's money supply from 2013 to 2023, i.e. the growth rate of the M2 money supply. M2 is made up of the nonbanks' demand deposits as well as all the cash in circulation (M1) and short-term deposits. In 2023, China's money supply increased by 9.7 percent compared to the previous year.

China Money Supply M2: Quasi Money: Other Deposit data was reported at 20,021.499 RMB bn in Mar 2019. This records a decrease from the previous number of 21,319.100 RMB bn for Dec 2018. China Money Supply M2: Quasi Money: Other Deposit data is updated quarterly, averaging 1,813.389 RMB bn from Mar 1995 (Median) to Mar 2019, with 97 observations. The data reached an all-time high of 21,319.100 RMB bn in Dec 2018 and a record low of 285.780 RMB bn in Mar 1997. China Money Supply M2: Quasi Money: Other Deposit data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under Global Database’s China – Table CN.KA: Money Supply: Quarterly.

Money Supply M1 in China decreased to 109437 CNY Billion in February from 112445.75 CNY Billion in January of 2025. This dataset provides - China Money Supply M1 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

By the end of 2023, the M1 money supply in China amounted to over 68 trillion yuan. M1 money supply includes cash and demand deposits.

In 2023, the extent of China's money supply amounted to 292.27 trillion yuan. The statistic shows the extent of China's money supply between 2013 and 2023, more precisely the M2 money supply. This consists of the demand deposits of non-banks plus the cash in circulation (M1) and of short-term savings deposits. They are shown, in each case, at the year end.

China Money Supply M2: Quasi Money: Time Deposit data was reported at 35,901.548 RMB bn in Mar 2019. This records an increase from the previous number of 34,017.900 RMB bn for Dec 2018. China Money Supply M2: Quasi Money: Time Deposit data is updated quarterly, averaging 3,996.495 RMB bn from Mar 1995 (Median) to Mar 2019, with 97 observations. The data reached an all-time high of 35,901.548 RMB bn in Mar 2019 and a record low of 220.320 RMB bn in Mar 1995. China Money Supply M2: Quasi Money: Time Deposit data remains active status in CEIC and is reported by The People's Bank of China. The data is categorized under Global Database’s China – Table CN.KA: Money Supply: Quarterly.

This dataset provides values for MONEY SUPPLY M2 reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The house price data are collected from the official website of China's National Bureau of Statistics . We acquired the month-on-month growth data of the house price for 70 large and medium-sized representative cities in China since January 2006, then compiled the composite house price index (Houidx) based on January 2006 as 100. We use the Shanghai stock exchange composite index (SSEI) to measure the stock market price level, and the seasonal adjusted broad money M2 (M2) to proxy for the money supplying, both indexes are collected from the Wind database. The monthly house price shock (hous), stock price change (ssei) or the money supply growth (m2) are calculated as (ln(Idxt) - ln(Idxt-1))×100, where Index are the Houidx, SSEI or M2, correspondingly. 158 observations from February 2006 to March 2019 are obtained.

Macau SAR (China) Money Supply: M2: Others: USD data was reported at 110,285.956 MOP mn in 2024. This records an increase from the previous number of 78,968.601 MOP mn for 2023. Macau SAR (China) Money Supply: M2: Others: USD data is updated yearly, averaging 61,622.144 MOP mn from Dec 2013 (Median) to 2024, with 12 observations. The data reached an all-time high of 110,285.956 MOP mn in 2024 and a record low of 34,188.881 MOP mn in 2013. Macau SAR (China) Money Supply: M2: Others: USD data remains active status in CEIC and is reported by Monetary Authority of Macao. The data is categorized under Global Database’s Macau SAR (China) – Table MO.KA002: Money Supply: Annual.

Hong Kong Money Supply M2: Unadjusted for Swap: Foreign Currency data was reported at 6,829,103.158 HKD mn in Oct 2018. This records an increase from the previous number of 6,817,421.633 HKD mn for Sep 2018. Hong Kong Money Supply M2: Unadjusted for Swap: Foreign Currency data is updated monthly, averaging 1,463,896.067 HKD mn from Dec 1980 (Median) to Oct 2018, with 455 observations. The data reached an all-time high of 6,849,917.081 HKD mn in Jan 2018 and a record low of 11,180.000 HKD mn in Dec 1980. Hong Kong Money Supply M2: Unadjusted for Swap: Foreign Currency data remains active status in CEIC and is reported by Hong Kong Monetary Authority. The data is categorized under Global Database’s Hong Kong SAR – Table HK.KA001: Money Supply.

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