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China July new yuan loans rise to 1.48t yuan, beating forecasts

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Chinese banks extended 1.48 trillion yuan (S$329 billion) in new yuan loans in July, far exceeding analyst expectations, coming in higher than the previous month's lending of 1.28 trillion yuan.

[BEIJING] Chinese banks extended 1.48 trillion yuan (S$329 billion) in new yuan loans in July, far exceeding analyst expectations, coming in higher than the previous month's lending of 1.28 trillion yuan.

The central bank said the broad M2 money supply (M2) grew 13.3 per cent from a year earlier, beating forecasts.

Outstanding yuan loans grew at 15.5 per cent by month-end.

Analysts polled by Reuters had expected outstanding loans to rise by 13.6 per cent, and predicted the money supply would rise by 11.7 per cent, with new yuan loans at 738.0 billion yuan.

Total social financing stood at 718.8 billion yuan in July.

REUTERS