China records higher new yuan loans, slower M2 growth for H1

China's new yuan-denominated loans expanded to 9.03 trillion yuan (about 1.35 trillion U.S. dollars) in the first six months of this year, 1.06 trillion yuan more than the same period in 2017, central bank data showed Friday.

By the end of June, outstanding yuan loans had grown 12.7 percent from a year earlier to 129.15 trillion yuan, the People's Bank of China, the central bank, said in a statement.

In June alone, Chinese banks extended 1.84 trillion yuan in new yuan loans, up from 1.15 trillion yuan in May and 1.18 trillion yuan in April.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, grew 8 percent year on year by the end of June, down from an 8.3-percent rise registered a month earlier.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 6.6 percent year-on-year at the end of June.

Total social finance, a broad measure of funds that non-financial firms and households receive from the financial system, increased by 9.1 trillion yuan in H1, 2.03 trillion yuan less than a year earlier.

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