China's August yuan loans total 711.3 bln yuan

China's new yuan-denominated loans in August stood at 711.3 billion yuan (115.24 billion U.S. dollars). 7.4 billion yuan more than a year ago, according to data released by the central bank on Tuesday.

The People's Bank of China (PBOC) said new yuan loans for the past eight months hit 6.49 trillion yuan.

M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 14.7 percent year on year at the end of August. The growth rate was up 0.2 percentage points from July, the PBOC said.

The narrow measure of money supply (M1). which covers cash in circulation plus demand deposits, expanded 9.9 percent at the end of last month. The growth rate was up 0.2 percentage points from July.

The data also revealed that deposits in August expanded by 805.2 billion yuan, up 300.8 billion yuan from a year earlier.