Yuan loans grow by 20.49T

BEIJING: China’s yuan-denominated loans rose by 20.49 trillion yuan (about $2.85 trillion) in the first 10 months of this year, central bank data showed on Monday.

In October alone, the yuan-denominated loans rose by 738.4 billion yuan, according to the People’s Bank of China.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, climbed 10.3 percent year on year to 288.23 trillion yuan at the end of October.

The growth rate was the same as at the end of September, and 1.5 percentage points lower than at the end of October last year.

The M1, which covers cash in circulation plus demand deposits, stood at 67.47 trillion yuan at the end of October, up 1.9 percent year on year. The growth rate was 0.2 percentage points lower than at the end of September and 3.9 percentage points lower than at the end of October last year.

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The M0, the amount of cash in circulation, went up 10.2 percent from a year ago to 10.86 trillion yuan at the end of last month.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 31.19 trillion yuan during the first 10 months, 2.33 trillion yuan more than the same period last year.

At the end of October, the outstanding yuan loans rose 10.9 percent year on year to 235.33 trillion yuan.