Chinese Yuan Loans Grow by $2.27 Trillion in First 3 Quarters

China's yuan-denominated loans rose by 16.02 trillion yuan (about $2.27 trillion) in the first three quarters of the year, central bank data showed on Tuesday. The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.8% year on year to 309.48 trillion yuan at the end of September, China's Xinhua News Agency reported. The M1, which covers cash in circulation plus demand deposits, stood at 62.82 trillion yuan at the end of September, down 7.4% year on year. The increase in social financing scale reached 25.66 trillion yuan in the first nine months, down 3.68 trillion yuan compared to the same period last year. Outstanding yuan loans totaled 253.61 trillion yuan at the end of last month, marking an increase of 8.1% year on year, the data revealed. Source: Qatar News Agency