July 10, 2020 / 7:42 AM / a month ago

China June new bank loans rise to 1.81 trln yuan, beat forecast

BEIJING, July 10 (Reuters) - Chinese banks extended 1.81 trillion yuan ($258.23 billion) in new yuan loans in June, up 22% from May and slightly exceeding analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to 1.80 trillion yuan in June, up from 1.48 trillion yuan in the previous month and compared with 1.66 trillion yuan a year earlier.

China is boosting credit and easing policy to get the economy humming again after a sharp coronavirus-induced downturn in the first quarter.

Broad M2 money supply in June grew 11.1% from a year earlier, central bank data showed on Friday, in line with the Reuters poll and the same pace as in May.

Outstanding yuan loans grew 13.2% from a year earlier, compared with 13.2% growth in May. Analysts had expected the growth rate to hold steady. ($1 = 7.0093 Chinese yuan renminbi) (Reporting by Judy Hua and Kevin Yao; Editing by Kim Coghill)

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