China Jan new yuan loans surge to 2.51 trillion yuan, well above forecasts

[BEIJING] Chinese banks extended 2.51 trillion yuan (S$540.3 billion) in net new yuan loans in January, far above analysts' expectations and December's 597.8 billion yuan.

The central bank said on Tuesday that broad M2 money supply (M2) grew 14 per cent from a year earlier, also beating forecasts.

Outstanding yuan loans grew 15.3 per cent by month-end on an annual basis.

Analysts polled by Reuters had expected outstanding loans to rise 14.4 per cent, and predicted money supply would rise 13.4 per cent.

REUTERS