China's new yuan loans rise in May

BEIJING - China's new yuan-denominated loans hit 1.48 trillion yuan (about $209 billion) in May, a year-on-year increase of 298.4 billion yuan, central bank data showed Wednesday.

China's newly-added social financing, a measurement of funds the real economy receives from the financial system, came in at 3.19 trillion yuan (about $451 billion) in May, up 1.48 trillion yuan year-on-year.

M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent to 210.02 trillion yuan ($29.7 trillion) at the end of May.

The growth rate was unchanged from that seen at the end of April, and up 2.6 percentage points compared with the same period last year, the People's Bank of China said.