China's new loans drop in February

Updated: 2013-03-10 16:48

(Xinhua)

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BEIJING - China's new yuan-denominated lending stood at 620 billion yuan ($99.52 billion) in February, down 90.7 billion yuan year on year, the central bank said Sunday.

New loans in foreign currency stood at 114.9 billion yuan, up 62.3 billion yuan year on year, the People's Bank of China said in an online statement.

It said the country's social financing, a measure of funds raised by entities in the real economy, amounted to 1.07 trillion yuan in January, up 22.8 billion yuan from the same period last year.

By the end of February, the broad measure of money supply (M2), which covers cash in circulation and all deposits, increased 15.2 percent year on year to 99.86 trillion yuan, the statement said.

The increase was down 0.7 percentage point month on month, but 2.2 percentage points higher year on year.

Meanwhile, the narrow measure of money supply (M1), which covers cash in circulation plus current corporate deposits, jumped 9.5 percent year on year to 29.61 trillion yuan, but the growth rate was 5.8 percentage points lower month on month.

The outstanding amount of cash in circulation (M0) amounted to 6.03 trillion yuan in February, up 17.2 percent from one year earlier.

Last month, the net amount of cash withdrawn from circulation stood at 213.6 billion yuan.