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China's new yuan loans at 1.89 trln yuan in May

Xinhua | Updated: 2022-06-10 19:20

A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa]

BEIJING  -- China's new yuan-denominated loans totaled 1.89 trillion yuan (about $282.1 billion) in May, central bank data showed Friday.

The figure increased by 392 billion yuan from the same period last year, according to the People's Bank of China, the central bank.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 11.1 percent year on year to 252.7 trillion yuan at the end of last month.

The growth rate was 0.6 percentage points higher than the figure seen at the end of April, and was 2.8 percentage points higher than that during the same period last year.

The M1, which covers cash in circulation plus demand deposits, stood at 64.51 trillion yuan at the end of May. It was up by 4.6 percent year on year.

The M0, the amount of cash in circulation, went up by 13.5 percent from a year ago to 9.55 trillion yuan at the end of last month.

In May, the central bank withdrew a total of 8 billion yuan of net cash from the market.

Newly added social financing, a measurement of funds that individuals and non-financial firms receive from the financial system, came in at 2.79 trillion yuan last month, representing an increase of 839.9 billion yuan from the same period last year.

Friday's data also showed China's new yuan deposits in May reached 3.04 trillion yuan, up 475 billion yuan from a year earlier.

By the end of last month, the total outstanding yuan deposits stood at 246.22 trillion yuan, up 10.5 percent year on year.

In May, renminbi settlements for cross-border trade amounted to 806 billion yuan.

The central bank has recently reaffirmed its intention to implement prudent monetary policy this year, saying that it will utilize aggregate and structural monetary policy tools to keep the economy running within a reasonable range.

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