November 13, 2017 / 8:12 AM / a year ago

China Oct new yuan loans 663.2 bln yuan, below expectations

BEIJING, Nov 13 (Reuters) - Chinese banks extended 663.2 billion yuan ($99.83 billion) in net new yuan loans in October, below analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans to drop to 780 billion yuan, from September’s 1.27 trillion yuan.

Broad M2 money supply (M2) grew 8.8 percent in October from a year earlier, central bank data showed on Monday, missing forecasts for an expansion of 9.2 percent.

Outstanding yuan loans at the end of October grew 13 percent from a year earlier, less than an expected 13.1 percent rise.

China’s banks extended a record 12.65 trillion yuan in loans in 2016 as the government encouraged credit-fueled stimulus to meet its economic growth target.

The credit explosion has stoked worries about financial risks from a rapid build-up in debt, which authorities have pledged to contain this year. ($1 = 6.6436 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Sam Holmes)

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