China's yuan loans grow by 345.9b yuan in July

BEIJING - China's yuan-denominated loans rose by 345.9 billion yuan ($48.32 billion) in July, central bank data showed Friday.

The figure decreased by 349.8 billion yuan from July 2022, 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 10.7 percent year-on-year to 285.4 trillion yuan at the end of July, the bank said.

The growth rate was 0.6 percentage points lower than it was at the end of June, and 1.3 percentage points lower than at the end of July last year.

The M1, which covers cash in circulation plus demand deposits, stood at 67.72 trillion yuan at the end of July, up 2.3 percent year-on-year. The growth rate was 0.8 percentage points lower than at the end of June and 4.4 percentage points lower than at the end of July last year.

The M0, the amount of cash in circulation, went up 9.9 percent from a year ago to 10.61 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 528.2 billion yuan in July, 270.3 billion yuan less than the same period last year.

At the end of July, the outstanding yuan loans rose 11.1 percent year-on-year to 230.92 trillion yuan.