May 11, 2018 / 9:16 AM / in 5 months

RPT-China's April new loans rise to 1.18 trln yuan, above forecasts

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BEIJING, May 11 (Reuters) - Chinese banks extended 1.18 trillion yuan ($186.37 billion) in net new yuan loans in April, more than analysts had expected and edging up from the previous month.

Analysts polled by Reuters had predicted new yuan loans of 1.1 trillion yuan, compared with March’s 1.12 trillion yuan.

Broad M2 money supply grew 8.3 percent in April from a year earlier, central bank data showed on Friday, missing forecasts for an expansion of 8.5 percent and compared with 8.2 percent in March.

Outstanding yuan loans grew 12.7 percent from a year earlier, in line with expected 12.7 percent rise and compared with a rise of 12.8 percent in March.

China’s banks extended a record 13.53 trillion yuan in new loans last year, up 7 percent from 2016, as the government looked to support economic growth even as regulators pushed to reduce risks in the financial system from a rapid build-up in debt. ($1 = 6.3316 Chinese yuan renminbi) (Reporting by Kevin Yao and Cheng Fang; Editing by Kim Coghill)

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