China new yuan loans fall to 809.6b yuan in August, miss forecast

[BEIJING] Chinese banks extended 809.6 billion yuan in net new yuan loans in August, disappointing analysts' expectation and coming in lower than the previous month's lending of 1,480 billion yuan, as the impact of the government's stock market rescue on lending data faded.

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

Outstanding yuan loans grew at 15.4 per cent by month-end on an annual basis.

Analysts polled by Reuters had expected outstanding loans to rise by 15.6 per cent, and predicted the money supply would rise by 13.2 per cent.

REUTERS