BEIJING, March 11 (Reuters) - Chinese banks extended 905.7 billion yuan ($130.24 billion) in new yuan loans in February, down from January and falling short of analyst expectations.
Analysts polled by Reuters had predicted new yuan loans would fall to 1.10 trillion yuan in February, down from a record high of 3.34 trillion yuan in the previous month and compared with 885.8 billion yuan a year earlier.
Broad M2 money supply in February grew 8.8% from a year earlier, central bank data showed on Wednesday, above estimates of 8.5% forecast in the Reuters poll. It rose 8.4% in January.
Outstanding yuan loans grew 12.1% from a year earlier compared with 12.1% growth in January. Analysts had expected 12.1% growth.
The coronavirus outbreak and strict government measures used to contain its spread likely halved China’s economic growth in the first quarter compared with the previous three months, triggering expectations for more interest rate cuts, according to the latest Reuters poll. ($1 = 6.9539 Chinese yuan renminbi) (Reporting by Judy Hua and Kevin Yao; Editing by Jacqueline Wong)