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China's new loans hit $60b in August

(Xinhua)
Updated: 2009-09-11 11:54

BEIJING: China's new yuan-denominated lending in August rose to 410.4 billion yuan (US$60.02 billion) from July's 355.9 billion yuan, the People's Bank of China, the central bank, said Friday.

Related readings:  Banking regulator warns of risks in loan spree  China's bank loan total exceeds full-year target  It's time to adjust monetary policies to slow loan expansion  Liquidity crunch, loan limits stop market rally  Major banks: loan misuse won't affect business

The August figure brought new yuan-denominated loans in the first eight months to 8.15 trillion yuan (US$1.19 trillion), 5.04 trillion yuan (US$737.86 billion) more than the same period of last year.

The broad measure of money supply, M2, which covers cash in circulation and all deposits, rose 28.53 percent from a year earlier to 57.67 trillion yuan (US$4.18 trillion) at the end of August.

The narrow measure of money supply, M1 (cash in circulation plus current corporate deposits), was up 27.72 percent to 20.04 trillion yuan (US$2.93 trillion).