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510 billion yuan of new loans issued in March

In March, new RMB-dominated loans totaled 510.7 billion yuan, 1.38 trillion yuan lower year on year, according to the quarterly report on financial statistics released by People's Bank of China (PBOC) Monday afternoon.

According to the report, RMB-denominated loans increased by 2.60 trillion yuan (380.99 billion U.S. dollars) in the first quarter of 2010, accounting for 34.67 percent of China's 7.5 trillion yuan of annual credit plan.

The broad measure of money supply, M2, which covers cash in circulation and all deposits, was up 22.50 percent from a year earlier to 65.00 trillion yuan at the end of March.

The narrow measure of money supply, M1 (cash in circulation plus current corporate deposits), was up 29.94 percent to 22.94 trillion yuan.

 
 
 Source : People's Daily Online  Editor: JAK
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