October 15, 2015 / 8:14 AM / 2 years ago

China Sept new yuan loans surge to 1.05 trln yuan, beating forecasts

BEIJING, Oct 15 (Reuters) - Chinese banks extended 1.05 trillion yuan ($165.47 billion) in new yuan loans in September, beating analysts’ expectations, and surpassing the previous month’s lending, the central bank said on Thursday.

Economists polled by Reuters had forecast new yuan loans would rise to 885.5 billion yuan in September from 809.6 billion yuan in August.

The central bank said broad M2 money supply grew 13.1 percent from a year earlier, the People’s Bank of China said in a statement on its website.

Outstanding loan growth was 15.4 percent in September.

Analysts polled by Reuters had expected outstanding loans to rise by 15.3 percent and predicted money supply would rise by 13.2 percent.

$1 = 6.3455 Chinese yuan renminbi Reporting By Xiaoyi Shao and Kevin Yao; Editing by Simon Cameron-Moore

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