China’s yuan loans grow by 13.53 trillion yuan from Jan-July

BEIJING, Aug. 13 (Xinhua) — China’s yuan-denominated loans rose by 13.53 trillion yuan (about 1.89 trillion U.S. dollars) in the first seven months of the year, central bank data showed on Tuesday.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.3 percent year on year to 303.31 trillion yuan at the end of July.
The M1, which covers cash in circulation plus demand deposits, stood at 63.23 trillion yuan at the end of July, down 6.6 percent year on year.
The scale of social financing was 18.87 trillion yuan in the first seven months of 2024, a decrease of 3.22 trillion yuan compared to the same period last year.
Within this total, the amount of yuan-denominated loans extended to the real economy increased by 12.38 trillion yuan.
Outstanding yuan loans totaled 251.11 trillion yuan at the end of July, an increase of 8.7 percent year on year, the data showed. ■