China's new RMB-based lending in April rose to RMB 774 billion ($113 billion) from RMB 510.7 billion in March, the People's Bank of China, the country's central bank, said on May 11. Analysts remarked that the April figure was a bit above expectations.
New lending in April rose by nearly RMB 182 billion ($27 billion) compared to the same month last year and brought new loans in the first four months of the current year to more than RMB 3.37 trillion ($494 billion), almost half of the annual target of RMB 7.5 trillion ($1,099 billion).
Meanwhile, the country's broad money supply (M2), which covers cash in circulation and all deposits, had increased by 21.48 percent year on year to about RMB 65.66 trillion ($9,627 billion) by the end of April, the central bank said in its statement.
Narrow money supply (M1), or cash in circulation plus current corporate deposits, had climbed by 31.25 percent year on year to RMB 23.39 trillion ($3,429 billion) by the end of April.