BEIJING, Oct 15 (Reuters) - Chinese banks extended 1.69 trillion yuan ($238.92 billion) in new loans in September, up from August and exceeding analysts’ expectations.
Analysts polled by Reuters had predicted new yuan loans would rise to 1.4 trillion yuan in September, up from 1.21 trillion yuan the previous month but largely in line with the tally in September last year.
Broad M2 money supply grew 8.4% from a year earlier, central bank data showed on Tuesday, above estimates of 8.2% forecast in the Reuters poll, which was unchanged from August.
Outstanding yuan loans grew 12.5% from a year earlier, compared with August’s 12.4%. Analysts had expected 12.3%.
Despite a flurry of growth-boosting measures since last year, including a push by regulators to ramp up lending, China’s economic growth has slowed to near 30-year lows and has yet to stabilise. Sluggish domestic demand and escalating Sino-U.S. trade tensions are weighing on business confidence and investment. ($1 = 7.0735 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Alex Richardson)