August 12, 2019 / 9:12 AM / 3 months ago

China July new bank loans fall to 1.06 trln yuan, below forecast

BEIJING, Aug 12 (Reuters) - Chinese banks extended 1.06 trillion yuan ($150.06 billion) in new yuan loans in July, down from June and falling short of analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would fall to 1.25 trillion yuan in July, from 1.66 trillion yuan in the previous month and compared with 1.45 trillion a year earlier.

Broad M2 money supply in July grew 8.1% from a year earlier, central bank data showed on Monday, below estimates of 8.4% seen in the Reuters poll. It rose 8.5% in June.

Outstanding yuan loan grew 12.6% from a year earlier. Analysts had expected 12.8% growth, slower than June’s 13.0%.

Despite a flurry of growth boosting measures 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 its exports. ($1 = 7.0639 Chinese yuan) (Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk)

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