BEIJING (Reuters) – Chinese banks extended 2.81 trillion yuan ($419.3 billion) in new yuan loans in June, up from May and beating analysts’ expectations, as the central bank sought to spur credit growth.
Analysts polled by Reuters had predicted new yuan loans would rise to 2.40 trillion yuan in June from 1.89 trillion yuan the previous month and against 2.12 trillion yuan a year earlier.
Broad M2 money supply grew 11.4% from a year earlier, central bank data showed on Monday, above estimates of 11.0% forecast in the Reuters poll. M2 grew 11.1% in May from a year earlier.
Outstanding yuan loans were up 11.2% from a year earlier at the end of June compared with 11.0% growth the previous month. Analysts had expected 11.0% growth.
($1 = 6.7022 Chinese yuan)
(Reporting by Kevin Yao; Editing by Jacqueline Wong)
