China's broad money supply, or M2, stood at 281.46 trillion yuan ($40.88 trillion) as of the end of March, up 12.7 percent year-on-year, the country's central bank said in a statement on Tuesday.

The outstanding amount of M1, a narrow measure of money supply which covers cash in circulation plus demand deposits was 67.81 trillion yuan, a year-on-year increase of 5.1 percent.

China’s supply of money in circulation M0 was 10.56 trillion yuan, up 11 percent from last year.

China's new yuan loans grew by 15.39 trillion yuan in the first quarter of 2023, up 4.54 trillion yuan compared to the same period last year, the People's Bank of China said. 

Expert said that the new credit size and structure has improved beyond expectations which will help to further stabilize market expectations and support the development of the real economy. Protective and supportive financial policies are still needed to boost recovery in consumer consumption.