Growth in M2 money supply, a broad measure that includes cash in circulation and all deposits, slowed to 18.4% cent year-on-year from 19.1% at the end of May, the official China Securities Journal reported Monday. It is the first time the measure has slowed this year, hinting that attempts by the People's Bank of China to curb money supply may be paying off. M1 money supply, a narrower measure covering cash in circulation and the demand deposits of enterprises, slowed to 13.9%, down from 14% at the end of May. The central bank's full-year target for M2 money supply growth is 16%. However, credit continued to expand with new bank loans rising to US$45 billion in June, up from US$26.2 billion in May. This took total loans for the first six months of the year to US$267.5 billion, already 85% of the central bank's US$312 billion loan growth target for the whole year.