China's yuan-denominated loans total 4.9 trillion yuan

China's new yuan-denominated loans totaled 4.9 trillion yuan ($719.8 billion) in January, up by 922.7 billion yuan year-on-year, the People's Bank of China said on Friday.

The 4.9 trillion yuan worth of new loans marked the highest level on record, which started in 2001, according to market tracker Wind Info.

Meanwhile, China's broad money supply, or M2, stood at 273.81 trillion yuan by the end of January, up 12.6 percent from a year ago, the PBOC said.

The growth rate was up by 0.8 percentage point compared with a month earlier and 2.8 percentage points compared with a year ago, indicating an accommodative monetary condition to support the economy.

The country's increment in aggregate social financing — the total amount of financing to the real economy — came in at 5.98 trillion yuan in January, down by 195.9 billion yuan compared with the same period last year, the central bank said.

Outstanding aggregate social financing stood at 350.93 trillion yuan as of the end of last month, up by 9.4 percent year-on-year. The growth rate edged down from 9.6 percent for 2022.