Credit expansion, money supply speed up in Feb

China's credit growth continued to recover in February as new yuan-denominated loans totaled 1.81 trillion yuan ($260.1 billion), up by 592.8 billion yuan year-on-year, according to the People's Bank of China, the country's central bank, on Friday.

Meanwhile, the PBOC data showed that broad money supply, or M2, stood at 275.52 trillion yuan as of the end of February, up by 12.9 percent from a year ago, indicating an accommodative monetary condition to support the economy.

The M2 growth rate was 0.3 percentage points higher than a month earlier and 3.7 percentage points higher than a year ago, the PBOC said. Data compiled by market tracker Wind Info showed that M2 expanded at the fastest pace since early 2016 in February.

The country's increment in aggregate social financing - the total amount of financing to the real economy - came in at 3.16 trillion yuan in February, up by 1.95 trillion yuan compared with the same period last year, the central bank said.

The outstanding aggregate social financing stood at 353.97 trillion yuan as of the end of last month, up by 9.9 percent year-on-year. The growth rate edged up from 9.4 percent a month earlier.