China's new yuan loans drop in April

BEIJING -- China's new yuan-denominated loans totaled 1.47 trillion yuan ($228.77 billion) in April, down 229.3 billion yuan year-on-year, central bank data showed Wednesday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 8.1 percent year-on-year to 226.21 trillion yuan at the end of April, according to the People's Bank of China.

The newly added social financing, a measurement of funds the real economy receives from the financial system, came in at 1.85 trillion yuan in April, down 1.25 trillion yuan year-on-year.