Yuan-Denominated Loans in China Surge by Over 10 Trillion Yuan in Seven Months

Sana'a: Recent data released by the People's Bank of China (the central bank) shows that outstanding yuan-denominated loans surged by approximately 10.38 trillion yuan (equivalent to about US$1.53 trillion) during the first seven months of this year. According to Yemen News Agency, the central bank explained that total outstanding yuan loans reached 282.29 trillion yuan by the end of July, registering a year-on-year growth of 5.1 percent. Meanwhile, broad money supply (M2), which includes currency in circulation and all types of deposits, increased by 7.7 percent year-on-year, reaching 355.51 trillion yuan by the end of July. The narrow money supply (M1), which includes currency in circulation, demand deposits, and customer reserves of non-bank payment institutions, reached 115.46 trillion yuan at the end of last month, a 4 percent year-on-year increase. According to central bank data, total outstanding financing to China's real economy reached 463.27 trillion yuan by the end of July, a 7.4 percent increase compared to the same period last year. These figures reflect the continued growth of financing and liquidity in the Chinese economy, as the central bank continues to support economic activity and promote credit flow to various sectors.