China's new yuan-denominated loans hit 2.85 trillion yuan in March, a year-on-year rise of 1.16 trillion yuan, central bank data showed on Friday. The M2, a broad measure of money supply that covers cash in circulation and all deposits, grew by 10.1 percent year on year to 208.09 trillion yuan at the end of March, the People's Bank of China (PBOC) said. The M2 growth was 1.3 percentage points higher than that at the end of February and 1.5 percentage points higher from a year ago. Driven by increasing loans from commercial banks, the M2 growth was quickened, which effectively supported the epidemic containment and bolstered economic activities, Ruan Jianhong, a PBOC official, told a press conference. Currently, market liquidity was kept at a reasonable and ample level, Ruan said.

Source: The Standard April 10, 2020 12:33 UTC