China: Broad money to total reserves ratio

Key figures

What the numbers say

In 2024, China's broad money to total reserves ratio rose 0.58 on 2023 (from 11.76 to 12.34).

Across the 30 yearly changes before that (1994 to 2023), the average change was −0.15 and a typical year strayed about 1.48 from that (the standard deviation). This year's change was 0.5 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 8.64 in 1992 and the biggest yearly fall was 6.84 in 1994. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 0.66 a year. A straight line explains 97% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

A straight-line projection, tested first

Extending that straight line gives about 14.69 for 2027. We show this only because the same method, fitted on earlier years, predicted 2022 to 2024 better than "no change" would have: its average miss was 0.34, against 1.35 for assuming no change. Treat it as a continuation of the recent pattern, not a forecast of events: it cannot see a recession, a policy change or a revision to the data.

See how a linear trend forecast works and the guide on forecasting without fooling yourself.

How it compares

In 2024, China had the 5th highest value of the 41 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to China in the 2024 ranking

• South Sudan — 1st of 41: 164.14
• United Kingdom — 2nd of 41: 30.04
• West Bank and Gaza — 3rd of 41: 13.31
• Djibouti — 5th of 41: 8.46
• Sweden — 6th of 41: 7.52
• Korea, Rep. — 7th of 41: 7.3

What this measures

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. Reserve assets are external assets, including monetary gold, that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing). Reserve assets must be denominated and settled in foreign currency. This indicator is expressed as a ratio (a÷b).

All 48 values

Broad money to total reserves ratio in nearby economies

• Australia — 32.96 (2025)
• Brunei Darussalam — 2.44 (2025)
• Cambodia — 2.32 (2025)
• Fiji — 3.2 (2023)
• Hong Kong SAR, China — 4.04 (2023)
• Indonesia — 3.93 (2025)
• Japan — 7.98 (2025)
• Korea, Rep. — 7.3 (2024)
• Macao SAR, China — 3.42 (2025)
• Malaysia — 4.53 (2025)
• Micronesia, Fed. Sts.

More financial sector data for China

• GDP deflator (base year varies by country) — 104.18 (2025)
• DEC alternative conversion factor (LCU per US$) — US$7.19 (2025)
• Official exchange rate (LCU per US$, period average) — US$7.19 (2025)
• Inflation, GDP deflator (annual % growth) — -0.92% (2025)
• Net domestic credit (current LCU) — 353.25 trillion (2024)
• Net foreign assets (current LCU) — 30.27 trillion (2024)
• Monetary sector credit to private sector (% of GDP) — 194.31% (2024)
• Broad money (current LCU) — 306.91 trillion (2024)
• Broad money (% of GDP) — 227.67% (2024)
• Claims on central government, etc. (% of GDP)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is China's broad money to total reserves ratio?

12.34 in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1977?

It is up 19% from 10.37 in 1977 (0.37% a year on average, compounded). The highest value was 16.27 in 1993 and the lowest 3.43 in 2007.

How does China rank?

5th highest of 41 economies with data for 2024.

Source

World Bank, World Development Indicators, indicator FM.LBL.BMNY.IR.ZS, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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