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China's June new yuan loans rise to 1.54 trln yuan, above f'cast
July 12, 2017 / 8:12 AM / 3 months ago

China's June new yuan loans rise to 1.54 trln yuan, above f'cast

BEIJING, July 12 (Reuters) - Chinese banks extended 1.54 trillion yuan ($226.9 billion) in net new yuan loans in June, well above analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans of 1.2 trillion yuan, up from 1.11 trillion in May.

Broad M2 money supply (M2) grew 9.4 percent in June from a year earlier, central bank data showed on Wednesday, slightly missing forecasts for an expansion of 9.5 percent and compared with May’s 9.6 percent.

Outstanding yuan loans grew at 12.9 percent by month-end on an annual basis.

Analysts polled by Reuters had expected outstanding loans to rise by 12.7 percent, after May’s 12.9 percent.

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 = 6.7882 Chinese yuan Reporting by Stella Qiu and Kevin Yao; Editing by Jacqueline Wong

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