China's New Yuan Lending Hit 7.47 Trl Yuan in 2011

BEIJING, Jan. 9 -- China's central bank on Sunday said the country's new yuan-denominated lending in 2011 reached 7.47 trillion yuan (1.18 trillion U.S. dollars), down from 7.95 trillion yuan in 2010.

By the end of 2011, the outstanding broad money supply (M2), which covers cash in circulation and all deposits, rose 13.6 percent year-on-year to 85.16 trillion yuan, the People's Bank of China (PBOC) said in the 2011 annual financial report on its website.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, increased 7.9 percent year-on-year to 28.98 trillion yuan by the end of last month, the report said.

According to the PBOC report, outstanding yuan-denominated deposits totalled 80.94 trillion yuan as of the end of 2011, up 13.5 percent year-on-year, but the growth rate was 6.7 percentage points lower compared to last year.

New yuan-denominated deposits in 2011 rose 9.63 trillion yuan, and the figure was 2.29 trillion yuan smaller compared to that in 2010.

Meanwhile, outstanding foreign currencies-denominated deposits stood at 275.1 billion U.S. dollars by the end of 2011, up 19 percent year-on-year. New deposits of foreign currencies in 2011 rose 49.4 billion U.S. dollars year-on-year.

In 2011, the cross-border settlement of trade deals in Renminbi amounted to 2.08 trillion yuan, the report said.