China´s money supply growth slows

China's money supply grew at the slowest pace in more than a year, indicating that government measures to tame liquidity are bearing fruit.

M2, the broadest measure of money supply, rose 16 percent in March from a year earlier, according to the People's Bank of China. The measure rose 17 percent in February. The central bank said the growth pace has slowed in the first quarter, showing that tight monetary policy is working.

Meanwhile, yuan lending increased by 1.3 trillion yuan in the first quarter. That was also down nearly 89 billion yuan from a year ago.