November 11, 2019 / 9:34 AM / a month ago

China Oct new bank loans dip to 661.3 bln yuan, below forecast

BEIJING, Nov 11 (Reuters) - Chinese banks extended 661.3 billion yuan ($94.55 billion) in new yuan loans in October, down sharply from September and falling short of analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would fall to 800 billion yuan in October, down from 1.69 trillion yuan in the previous month and compared with 697 billion yuan a year earlier.

Broad M2 money supply in October grew 8.4% from a year earlier, central bank data showed on Monday, matching estimates of 8.4% forecast in the Reuters poll. It rose 8.4% in September.

Outstanding yuan loans grew 12.4% from a year earlier. Analysts had expected a 12.5% growth, in line with September’s 12.5%.

Despite a flurry of measures to support the economy since last year, including a push by regulators to ramp up lending, domestic demand in China has remained sluggish, while escalating U.S.-China trade tensions weigh on exports. ($1 = 6.9941 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk)

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