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China's new yuan loans rise in October

Xinhua | Updated: 2020-11-11 16:37
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A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. [Photo by Hu Jianhuan/For China Daily]

BEIJING -- China's new yuan-denominated loans hit 689.8 billion yuan (about $104.4 billion) in October, a year-on-year increase of 28.5 billion yuan, data from the central bank showed Wednesday.

The country's M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 10.5 percent year-on-year to 214.97 trillion yuan at the end of October, the People's Bank of China said in a statement.

The growth rate was 0.4 percentage points lower than that at the end of September, and up 2.1 percentage points from the same period last year, the PBOC said.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, came in at 60.92 trillion yuan at the end of October, up 9.1 percent from last year.

M0, the amount of cash in circulation, climbed 10.4 percent year on year to 8.1 trillion yuan at the end of last month.

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