China's new yuan loans rise in August supported by economic recovery

China's new yuan-denominated loans hit 1.28 trillion yuan (about 187.13 billion U.S. dollars) in August, a year-on-year increase of 69.4 billion yuan, showing positive signs of economic recovery, the central bank data showed Friday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose by 10.4 percent year on year to 213.68 trillion yuan at the end of August, said the People's Bank of China.

The growth rate was 0.3 percentage points lower than that at the end of July, but up 2.2 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, came in at 60.13 trillion yuan by the end of August, up 8 percent from last year.

M0, the amount of cash in circulation, rose by 9.4 percent year on year to 8 trillion yuan by the end of last month.

Newly-added social financing, a measurement of funds the real economy receives from the financial system, came in at 3.58 trillion yuan in August, up 1.39 trillion yuan year on year.

By the end of August, total social financing reached 276.74 trillion yuan, up 13.3 percent year on year.

(Cover: A staff counting RMB cash in a bank in Hai'an City, Nantong, east China's Jiangsu province, April 4, 2020. /CFP)

Source(s): Xinhua News Agency