China's new yuan loans more than double in August

An employee counts yuan banknotes at a bank in Huaibei, Anhui province.[Photo/Agencies]

BEIJING - China's new yuan-denominated lending in August more than doubled from a month ago to 948.7 billion yuan (about $145.95 billion), official data showed on Wednesday.

The M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.4 percent year on year to 151.1 trillion yuan by the end of August, the People's Bank of China said in a statement on its website.

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, rose 25.3 percent year-on-year to 45.45 trillion yuan.