China's new yuan loans rise in May

2020-06-10
Xinhua

BEIJING — China's new yuan-denominated loans continued to rise in May amid the country's enhanced support for channeling funds to the real economy, official data showed on June 10.

New yuan loans hit 1.48 trillion yuan (about $209 billion) in May, a year-on-year increase of 298.4 billion yuan, the People's Bank of China (PBOC) said.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent year-on-year to 210.02 trillion yuan at the end of May, PBOC data showed.

The growth rate was unchanged from that seen at the end of April, and up 2.6 percentage points compared with the same period last year.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, stood at 58.11 trillion yuan by the end of May, up 6.8 percent from a year ago.

M0, the amount of cash in circulation, rose 9.5 percent year-on-year to 7.97 trillion yuan by the end of last month.

China's newly-added social financing, a measurement of funds the real economy receives from the financial system, came in at 3.19 trillion yuan in May, up 1.48 trillion yuan year-on-year.