China new yuan loans at 506.1bn

China's new yuan-denominated lending in October amounted to 506.1 billion yuan (82.44 billion U.S. dollars), an increase of 700 million yuan from the same period last year, according to a statement issued by the central bank on Monday. The People's Bank of China (PBOC) said new yuan loans for the first ten months came in at 7.78 trillion yuan, rising 557.7 billion yuan from a year earlier. M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 14.3 percent year on year to 107.02 trillion yuan at the end of October, the PBOC said. The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, expanded 8.9 percent to 31.94 trillion yuan as of the end of last month. The data also revealed that China's yuan-denominated deposits totalled 102.69 trillion yuan as of the end of October, a year-on-year increase of 14.5 percent.