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China's New Yuan Loans Hit 992.7 Billion Yuan in July

Date: 2020-08-13
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Fresh data from the central bank showed that China's new yuan-denominated loans hit 992.7 billion yuan (about 142.4 billion U.S. dollars) in July, down 63.1 billion yuan compared with the same month of last year.

Analysts polled by Reuters had predicted new yuan loans would fall to 1.20 trillion yuan in July, down from 1.81 trillion yuan in the previous month and compared with 1.06 trillion yuan a year earlier.

The country's M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 10.7 percent year on year to 212.55 trillion yuan at the end of July, the central bank said.

The growth rate was 0.4 percentage points lower than that at the end of June, and up 2.6 percentage points compared with that in the same period last year, said the People's Bank of China (PBOC), the central bank.

Yi Gang, governor of the PBOC told Xinhua on Sunday that the central bank will guide growth in M2 and total social financing this year to significantly exceed last year's rate.

Meanwhile, the narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, stood at 59.12 trillion yuan by the end of July, up 6.9 percent from a year ago.

M0, the amount of cash in circulation, rose 9.9 percent year on year to 7.99 trillion yuan by the end of last month.

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