The People's Bank of China (PBOC) announced on Monday that the country's broad money supply (M2) stood at 309.71 trillion yuan (more than 43 trillion U.S. dollars) at the end of October, reflecting a 7.5-percent year-on-year increase.
This marks a 0.7 percentage point rise from the previous month, continuing a two-month upward trend.
In contrast, narrow money (M1) supply, which includes demand deposits, declined by 6.1 percent year on year, totaling 63.34 trillion yuan (more than 8.8 trillion U.S. dollars).
The subtle shift from M1 toward concentrations in M2 indicates that China's efforts to improve financial liquidity are proving successful.
In terms of lending, the balance of loans denominated in Chinese yuan amounted to 254.1 trillion yuan (more than 35.32 trillion U.S. dollars) by the end of October, an 8-percent increase from the same period last year.
Meanwhile, yuan deposits hit 301.48 trillion yuan (more than 41.9 trillion U.S. dollars), up 7 percent year on year.
Over the first ten months of the year, yuan deposits grew by 17.22 trillion yuan (nearly 2.4 trillion U.S. dollars.)
The data also shows key interest rates in the interbank market in October -- the monthly weighted average interest rate for interbank yuan borrowing -- stood at 1.59 percent, while that for pledged bonds repurchase agreements was 1.65 percent.
In October, the total cross-border yuan settlement for current account transactions reached 1.31 trillion yuan (more than 182.1 billion U.S. dollars) and cross-border yuan settlements for direct investment totaled 630 billion yuan (about 87.5 billion U.S. dollars.)
China's broad money supply grows 7.5 pct in October
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
