# interbank rates

China Starts the Year with Ample Liquidity: M2 Rises 9% as Deposits and Government Bond Financing Surge

China’s central bank data for January show broad money (M2) up 9% and an increase of 8.09 trillion yuan in RMB deposits, while total social financing expanded by 7.22 trillion yuan. Government bond issuance and short‑term bank credit powered the monthly financing increase, against a backdrop of plentiful interbank liquidity and low short‑term rates.