Money supply continues growth

China's money supply grew at a faster pace in April, contradicting expectations, and yuan bank lending more than doubled. The People's Bank of China announced that the M2 money supply, including cash and all deposits, increased by 18.9% year-on-year after rising by 18.8% in March. The brisker growth may push the central bank to increase its benchmark lending rate, alongisde other measures, to curb borrowing. M2 money supply was US$3.9 trillion at the end of April, beating the central bank's target for the 11th month in a row. New yuan lending rose to the equivalent of US$39.6 billion.