BEIJING, March 9 Chinese banks extended 1.17
trillion yuan ($169.32 billion) in net new yuan loans in
February, beating analysts expectations but trailing behind
January's level, which was the second-highest ever.
Analysts polled by Reuters had predicted new yuan loans of
920 billion yuan, compared with 2.03 trillion yuan in January.
Broad M2 money supply (M2) grew 11.1 percent from a year
earlier, central bank data showed on Thursday, missing forecasts
for 11.4 percent growth.
Outstanding yuan loans grew at 13 percent by month-end on an
Analysts polled by Reuters had expected outstanding loans to
rise by 12.7 percent.
China has cut its economic growth target to a more modest
level of around 6.5 percent this year to give policymakers more
room to push through painful reforms to contain financial risks
and address a rapid build-up in debt.
But authorities are expected to move cautiously to avoid a
sharp hit to the economy.
($1 = 6.9100 Chinese yuan)
(Reporting by Beijing Monitoring Desk)