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BEIJING, Dec 14 (Reuters) - Chinese banks extended 794.6 billion yuan ($115.07 billion) in new yuan loans in November, well above analysts’ expectations and up from 651.3 billion yuan in October.
Broad M2 money supply (M2) grew 11.4 percent from a year earlier, the central bank said on Wednesday, slightly below forecasts.
Outstanding yuan loans grew by 13.1 percent by month-end on an annual basis.
Analysts polled by Reuters had expected new lending of 720 billion yuan in November, and forecast a 11.5 percent rise in money supply and a 13 percent rise in outstanding loans.
China’s economy expanded at a steady 6.7 percent in the third quarter and looks set to hit Beijing’s full-year target, fueled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt. ($1 = 6.9051 Chinese yuan renminbi) (Reporting by Elias Glenn; Editing by Kim Coghill)