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China March new yuan loans 1.02 trln yuan, less than expected
April 14, 2017 / 7:18 AM / in 7 months

China March new yuan loans 1.02 trln yuan, less than expected

BEIJING, April 14 (Reuters) - Chinese banks extended 1.02 trillion yuan ($148.14 billion) in net new yuan loans in March, below analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans of 1.25 trillion yuan, up from 1.17 trillion yuan in February.

Broad M2 money supply (M2) grew at 10.6 percent from a year earlier, central bank data showed on Friday, missing forecasts for an expansion of 11.1 percent.

The growth of M2 money supply in March was the slowest year-on-year growth since July 2016, People’s Bank of China data showed.

Outstanding yuan loans grew at 12.4 percent by month-end on an annual basis.

Analysts polled by Reuters had expected outstanding loans to rise by 12.7 percent.

China’s banks extended a record 12.65 trillion yuan of loans in 2016 as the government encouraged credit-fueled stimulus to meet its economic growth target. But the credit explosion fuelled worries about financial risks from a rapid build-up in debt, which authorities have pledged to contain this year. ($1 = 6.8855 Chinese yuan renminbi) (Reporting by Cheng Fang and Beijing Monitoring Desk; Editing by Richard Borsuk and Kim Coghill)

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