China’s yuan loans grow by 13.27 trillion yuan in H1

BEIJING: China's yuan-denominated loans rose by 13.27 trillion yuan (about 1.86 trillion U.S. dollars) in the first half of the year, Xinhua News Agency quoted the central bank as saying. The M2, a broad measure of money supply that covers cash in circulation and all deposits, climbed 6.2 percent year-on-year to 305.02 trillion yuan at the end of June, according to the People's Bank of China. The M1, which covers cash in circulation plus demand deposits, stood at 66.06 trillion yuan at the end of June, down 5 percent year-on-year. The social financing scale reached 18.1 trillion yuan in the first six months of 2024, a decrease of 3.45 trillion yuan compared to the same period last year. Outstanding yuan loans totaled 250.85 trillion yuan at the end of June, marking an increase of 8.8 percent year-on-year. China's foreign exchange reserves amounted to 3.22 trillion U.S. dollars at the end of June, according to the central bank. Source: Emirates News Agency