China's M2 money supply reached 174.31 trillion yuan in May, up 8.3% year over year, unchanged from April but 0.8 percentage point lower from the same period in 2017, data from the People's Bank of China showed.
China's balance of domestic and foreign currency loans grew by 12% year over year to 132.89 trillion yuan, while the balance of yuan-denominated loans rose by 12.6% year over year to 127.31 trillion yuan.
New yuan loans in May came in at 1.15 trillion yuan, reflecting a rise of 40.5 billion yuan over the same period last year and declining from 1.18 trillion yuan reported in April, according to China Daily.
Specifics of the new yuan loan data showed a rise in demand for credit from households, China Daily reported, while demand from government agencies, non-financial enterprises and non-profit institutions declined.
Loans for household sector climbed by 614.3 billion yuan, while loans for non-financial companies and institutions rose by 525.5 billion yuan. Meanwhile, loans for non-banking financial institutions grew by 14.2 billion yuan.
Chinese banks extended a record 13.5 trillion yuan in new loans in 2017, up from 12.6 trillion yuan recorded in 2016.
The Chinese government planned an annual GDP growth of approximately 6.5% for 2018, according to the report. It also intended to maintain moderate M2 growth while maintaining a stable level of liquidity.
As of June 12, US$1 was equivalent to 6.40 Chinese yuan.
