China’s new yuan loans surge in September

A clerk counts one hundred yuan banknote at a bank in Beijing, April 13, 2016.China’s new yuan-denominated lending continued to surge in September to 1.22 trillion yuan (about $181.3 billion), official data revealed Tuesday.The monthly lending figure represented an increase of 164.3 billion yuan from the same period a year earlier, the People’s Bank of China, the central bank, said in a statement.New yuan-denominated loans totalled 10.16 trillion yuan in the first nine months of the year.M2, a broad measure of the money supply that covers cash in circulation and all deposits, rose 11.5 percent year on year to 151.64 trillion yuan by the end of September, with the growth rate 0.1 percentage points higher than a month earlier. M1, a narrow measure of money supply that covers cash in circulation plus demand deposits, rose 24.7 percent year on year to 45.43 trillion yuan, with the growth rate 0.6 percentage points lower than a month ago.