Credit growth continues recovery through March

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

China's credit growth continued to recover in March, as new yuan-denominated loans totaled 3.89 trillion yuan ($565.01 billion), up 749.7 billion yuan year-on-year according to the People's Bank of China, the country's central bank.

China's broad money supply, or M2, stood at 281.46 trillion yuan by the end of March, up by 12.7 percent from the year prior, indicating an accommodative monetary condition to support the economy.

The growth rate was down from 12.9 percent a month earlier and up from 9.7 percent a year ago, the PBOC said.

The nation's increment in aggregate social financing — the total amount of financing to the real economy — came in at 5.38 trillion yuan in March, up by 707.9 billion yuan compared with the same period last year.

Outstanding aggregate social financing stood at 359.02 trillion yuan as of the end of last month, up 10 percent year-on-year. The growth rate was up from 9.9 percent a month earlier.

ouyangshijia@chinadaily.com.cn