China’s new yuan loans soar in January

Beijing, Feb 16 (IANS) China’s new yuan-denominated lending in January jumped to 2 trillion yuan ($385 billion), an increase of 71 percent from a year earlier, official data showed on Tuesday.

January’s new yuan loans were also about four times that posted in December 2015, Xinhua news agency reported.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 14 percent year on year to 141 trillion yuan at the end of January, the People’s Bank of China said.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 18.6 percent year on year to 41 trillion yuan, the bank added.

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