(Yicai Global) July 10 -- China's broad money supply expanded at the fastest year-on-year pace since 2017 for a third month in a row in June, as credit growth quickened.

M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 11.1 percent to CNY213.49 trillion (USD 30.52 trillion) last month from a year earlier, the People's Bank of China said in a statement today. It grew at the same clip in May and April.

Total social financing, a measurement of funds the real economy receives from the financial system, rose CNY3.43 trillion (USD490 billion) to CNY271.8 trillion (USD38.83 trillion) in June. That was more than the CNY2.9 trillion that chief economists surveyed by Yicai Global had expected.

New yuan loans reached CNY1.81 trillion, a gain of CNY147.4 billion from a year ago, which was also more than the CNY1.75 trillion economists forecast.

Editor: Emmi Laine