China's new yuan loans continue to rise

BEIJING - China's new yuan-denominated lending amounted to 1.08 trillion yuan ($175.64 billion) in June, up 216.5 billion yuan year on year, official data showed on Tuesday.

The volume was higher than the 870.8 billion yuan recorded in May and 774.7 billion yuan in April, according to the People's Bank of China.

In the first six months, new yuan-denominated lending hit 5.74 trillion yuan, up 659 billion yuan on a year-on-year basis.

M2, a broad measure of money supply that covers cash in circulation and all deposits, increased by 14.7 percent year on year to 120.96 trillion yuan at the end of June.

The growth pace was up 1.3 percentage points from the previous month and 1.1 percentage points higher than the end of last year.

China's total social financing aggregate, a broad measure of liquidity in the economy, came in at 10.57 trillion yuan in the first half, up 414.6 billion yuan from a year ago.

By the end of June, foreign exchange reserves stood at $3.99 trillion.

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