China's new yuan loans drop in July

Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, March 30, 2016. [Photo/Agencies]

BEIJING - China's outstanding new yuan-denominated loans stood at 825.5 billion yuan (more than $120 billion) in July, the country's central bank said Tuesday.

The figure declined markedly from 1.54 trillion yuan in June, the People's Bank of China said in a statement.

M2, a broad measure of money supply that covers cash in circulation and all deposits, expanded 9.2 percent from a year earlier as of the end of June, slowing down from 9.4 percent growth recorded a month ago.

M1, a narrow measure of money supply which covers cash in circulation plus demand deposits, rose 15.3 percent, accelerating from a 15 percent increase in June.

M0, the amount of cash in circulation, was up 6.1 percent.