China’s yuan loans grow by 14.43 trillion yuan in first 8 months

BEIJING, Sept. 13 (Xinhua) — China’s yuan-denominated loans rose by 14.43 trillion yuan (about 2 trillion U.S. dollars) in the first eight months of the year, central bank data showed on Friday.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.3 percent year on year to 305.05 trillion yuan at the end of August, according to the People’s Bank of China.
The M1, which covers cash in circulation plus demand deposits, stood at 63.02 trillion yuan at the end of August, down 7.3 percent year on year.
The increase in social financing scale reached 21.9 trillion yuan in the first eight months, down 3.32 trillion yuan compared to the same period last year.
Outstanding yuan loans totaled 252.02 trillion yuan at the end of August, marking an increase of 8.5 percent year on year, the data revealed. ■