New loans on the mainland picked up in May from a ¬six-month low in April, as policymakers continued to offer credit to support the still weak economic recovery, but at a slower pace than the first-quarter’s credit spree, the South China Morning Post reports. The monthly total grew to 985.5 billion yuan, compared with April’s total of 555.6 billion yuan, the People’s Bank of China said yesterday. The figure for May was higher than the 750 billion yuan estimate of economists polled by Reuters. Growth of M2 – a broad measure of money supply – slowed to 11.8% in May, down from 12.8% in April. It was the slowest growth since July 2015. The PBOC is aiming for annual M2 growth of about 13% this year.
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