China’s new local currency loans in July reach RMB 532.8 billion

Wednesday, 11 August 2010 17:42:43 (GMT+2)

As announced by the People's Bank of China (Chinese central bank) on August 11, China's RMB-based new lending in July totaled RMB 532.8 billion, down from RMB 603.4 billion in June. 

Total outstanding local currency loans stood at RMB 45.14 trillion at the end of July, up 18.4 percent year on year.

By the end of July, China's broad money supply (M2), which covers cash in circulation and all deposits, was RMB 67.41 trillion, increasing by 17.6 percent year on year. Narrow money supply (M1), i.e., cash in circulation plus current corporate deposits, was RMB 24.07 trillion, rising by 22.9 percent year on year.

Domestic and foreign currency deposits in Chinese banks in July grew by RMB 168.6 billion, with RMB deposits increasing by RMB 160.9 billion and foreign currency deposits up by $1.6 billion.

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