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China April new yuan loans 1.1 trln yuan, more than expected
May 12, 2017 / 8:14 AM / 7 months ago

China April new yuan loans 1.1 trln yuan, more than expected

BEIJING, May 12 (Reuters) - Chinese banks extended 1.1 trillion yuan ($159.4 billion) in net new yuan loans in April, above analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans of 714 billion yuan, down from 1.02 trillion yuan in March.

Broad M2 money supply (M2) grew 10.5 percent from a year earlier, central bank data showed on Friday, missing forecasts for an expansion of 10.8 percent.

Outstanding yuan loans grew at 12.9 percent by month-end on an annual basis.

Analysts polled by Reuters had expected outstanding loans to rise by 12.5 percent.

China’s banks extended a record 12.65 trillion yuan in loans in 2016 as the government encouraged credit-fueled stimulus to meet its economic growth target.

The credit explosion stoked worries about financial risks from a rapid build-up in debt, which authorities have pledged to contain this year. ($1 = 6.9029 Chinese yuan) (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Jacqueline Wong)

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