New yuan-denominated loans rose more than expected in August, giving further support to the recovery of the Chinese economy, according to data released by the People's Bank of China, China's central bank, on September 10.

New yuan loans stood at 711.3 billion yuan ($115.24 billion) in August, 7.4 billion yuan ($1.21 billion) more than a year ago. The figure was up from 699.9 billion yuan ($114.36 billion) in July, but down from the 860.5 billion yuan ($140.6 billion) issued in June.

The August figure, which put total new yuan loans at 6.95 trillion yuan ($1.14 trillion) for the past eight months, has exceeded market expectations.

Central bank data also showed that M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 14.7 percent year on year to reach 106.12 trillion yuan ($17.34 trillion) at the end of August.