China | New loans by Chinese banks surge to 1.2 tln yuan in September

New loans by Chinese banks surge to 1.2 tln yuan in September

M2 money supply rose 11.5% from a year earlier, slightly lower than forecast.

October 18, 2016 8:50 PM (UTC+8)

Chinese banks extended 1.22 trillion yuan (US$181 billion) in net new yuan loans in September, beating analysts’ expectations and up from 948.7 billion yuan in August.

The broad M2 money supply grew 11.5% from a year earlier, the central bank said on Wednesday, slightly below forecasts but edging up from 11.4% in August.

Outstanding yuan loans grew by 13% by month-end on an annual basis.

Analysts polled by Reuters had expected new lending of 1 trillion yuan, with outstanding loans seen rising 12.9%, and money supply gaining 11.6%.

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