BUSINESS China's new yuan loans rise in July

BUSINESS

China's new yuan loans rise in July

Xinhua

22:30, August 13, 2018

BEIJING, Aug. 13 (Xinhua) -- China's new yuan-denominated loans stood at 1.45 trillion yuan ($211 billion) in July, up 627.8 billion yuan year on year, central bank data showed Monday.

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File photos: VCG

The amount of new yuan loans was down from 1.84 trillion yuan in June, but was generally in line with the monthly average in the first half, about 1.5 trillion yuan.

New loans to households, mainly used for home purchases, stood at 634.4 billion yuan, while new loans to non-financial enterprises, government agencies and organizations hit 650.1 billion yuan, the People's Bank of China said in an online statement.

Total outstanding yuan loans at the end of July rose 13.2 percent to 130.61 trillion yuan.

The M2, a broad measure of the money supply that covers cash in circulation and all deposits, rose 8.5 percent year-on-year to 177.62 trillion yuan at the end of July.

The narrow measure of the money supply (M1), which covers cash in circulation plus demand deposits, rose 5.1 percent year-on-year to 53.66 trillion yuan.

Newly-added social financing, a measurement of funds that individuals and non-financial firms get from the financial system, was 1.04 trillion yuan in July, down 124.2 billion yuan year on year.  

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