<img src='https://news.cgtn.com/news/2024-07-12/China-s-yuan-loans-grow-by-13-27-trillion-yuan-in-H1-2024-1vb8kcenYnm/img/654f87210852420287ce88821a85e5c5/654f87210852420287ce88821a85e5c5.jpeg' alt='A view of the headquarters of the People's Bank of China, the country's central bank, Beijing, July 3, 2024. /CFP'
China’s yuan-denominated loans rose by 13.27 trillion yuan ($1.86 trillion) in the first half of the year, central bank data showed Friday.
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.
Newly added total social financing, a measure of funds the real economy receives from the financial system, reached 18.1 trillion yuan in the first half of the year, down 3.45 trillion yuan compared to the same period in 2023.
At present, driven by China’s “new economy” and external demand, investment into the manufacturing industry is booming, which supports credit growth, Wen Bin, chief economist at China Minsheng Bank, said in a note.
