politics

China’s new yuan loans rise in 2020

A staff member (R) hands over a stack of 2019 edition renminbi banknotes to a customer at an Industrial and Commercial Bank of China (ICBC) branch in Beijing, capital of China, Aug. 30, 2019. (Xinhua/Chen Yehua)

  A staff member (R) hands over a stack of 2019 edition renminbi banknotes to a customer at an Industrial and Commercial Bank of China (ICBC) branch in Beijing, capital of China, Aug. 30, 2019. (Xinhua/Chen Yehua)

China’s new yuan-denominated loans totaled 19.63 trillion yuan (3.03 trillion U.S. dollars) in 2020, up 2.82 trillion yuan year on year, central bank data showed Tuesday.

In December alone, new loans stood at 1.26 trillion yuan, up 117 billion yuan year on year, according to the People’s Bank of China.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 10.1 percent year on year to 218.68 trillion yuan at the end of 2020.

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