April 13, 2018 / 8:29 AM / in a year

RPT-China March new loans rise to 1.12 trln yuan but miss forecasts

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BEIJING, April 13 (Reuters) - Chinese banks extended 1.12 trillion yuan ($178.21 billion) in net new yuan loans in March, just under analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would rebound to 1.2 trillion yuan in March, from February’s weaker-than-expected 839.3 billion yuan.

Broad M2 money supply grew 8.2 percent in March from a year earlier, central bank data showed on Friday, missing forecasts for an expansion of 8.9 percent and compared with 8.8 percent in February.

Outstanding yuan loans grew 12.8 percent from a year earlier, slower than an expected 12.9 percent rise and compared with a rise of 12.8 percent in February.

China’s banks extended a record 13.53 trillion yuan in new loans last year, up 7 percent from 2016, despite a government drive to reduce risks in the financial system from a rapid build-up in debt.

China has said it expected reasonable growth in broad M2 money supply and total social financing this year. ($1 = 6.2847 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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