China's money supply grew at a rate that exceeded official forecasts during the first quarter of the year, according to the People's Bank of China (PBOC), China's central bank. M2, a broad measure of the money in circulation, grew 19.2% year-on-year. Figures for M0 and M1, two narrower measures of money supply, were not provided, but the PBOC said that M1 growth had also exceeded forecasts. The M2 supply at the end of the first quarter was nearly double China's gross domestic product, one of the world's highest ratios, according to the bank.
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