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  HOME | Business & Economy (Click here for more)

New Yuan Loans in China Rise 16.5%

BEIJING – New yuan-denominated loans in China in September rose 16.5 percent compared to August to stand at 1.27 trillion yuan ($193 billion), the People’s Bank of China announced Saturday.

M2, a broad measure of money supply used by various central banks that includes currency in circulation and all deposits, showed a year-on-year increase of 9.2 percent, slightly above the inter-annual increase of 8.9 percent recorded in August, according to the data released by the bank in a statement.

This increase in credit in September comes amid government measures in recent weeks to combat informal loans, which small and medium-sized enterprises often resort to because of the problems they face in getting loans from the large state-owned banks.

On Sept. 30, China’s central bank approved a cut in the amount of cash that banks must hold as reserves from 2018 onwards to allow those funds to be used to boost lending to the real economy.

 

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