China's new yuan loans rise in April

Source: Xinhua | 2020-05-12

China's new yuan-denominated loans continued to climb in April as the country stepped up credit support to inject liquidity into the real economy, official data showed Monday.

New yuan loans hit 1.7 trillion yuan (about 240 billion U.S. dollars) in April, a year-on-year rise of 681.8 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 209.35 trillion yuan at the end of April, PBOC data showed.

The M2 growth was 1 percentage point higher than that at the end of March and 2.6 percentage points higher from a year ago.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, stood at 57.02 trillion yuan by the end of April, up 5.5 percent from a year ago.

M0, the amount of cash in circulation, rose 10.2 percent year on year to 8.15 trillion yuan by the end of April.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 3.09 trillion yuan in April, up 1.42 trillion yuan from a year ago.