BEIJING — China's new yuan-denominated loans hit 689.8 billion yuan (about $104.4 billion) in October, a year-on-year increase of 28.5 billion yuan, data from the central bank showed on Nov 11.

Loans in the household sector and the corporate sector last month increased by 433.1 billion yuan and 233.5 billion yuan, respectively, with medium and long-term loans accounting for the majority, according to data from the People's Bank of China (PBOC), the country's central bank.

The country's M2, a broad measure of money supply that covers cash in circulation and all deposits, rose 10.5 percent year-on-year to 214.97 trillion yuan at the end of October, the PBOC said.

The growth rate was 0.4 percentage points lower than that at the end of September, and up 2.1 percentage points from the same period last year,

The narrow measure of money supply (M1), which covers cash in circulation plus demand deposits, came in at 60.92 trillion yuan at the end of October, up 9.1 percent from last year.

M0, the amount of cash in circulation, climbed 10.4 percent year-on-year to 8.1 trillion yuan at the end of last month.

Newly added social financing, a measurement of funds the real economy receives from the financial system, came in at 1.42 trillion yuan in October, up 549.3 billion yuan year-on-year.

By the end of October, total social financing hit 281.28 trillion yuan, up 13.7 percent year-on-year.

China will use a variety of tools, such as required reserve ratio reductions, interest rate cuts, and re-lending, to enable M2 money supply and aggregate financing to grow at notably higher rates than last year, according to this year's government work report.