July 15, 2014 / 2:30 AM / 3 years ago

China June new bank loans 1.08 trln yuan, beat expectations

BEIJING, July 15 (Reuters) - Chinese banks lent 1.08 trillion yuan ($173.90 billion) worth of new yuan loans in June, beating expectations of 915 billion yuan, central bank data showed on Tuesday, as Beijing stepped up efforts to stimulate the economy.

Broad M2 money supply jumped 14.7 percent last month from a year earlier, the People’s Bank of China said in a statement on its website, also higher than a forecast of 13.5 percent in a Reuters poll of economists.

Outstanding yuan loans grew 14 percent from a year ago, better than a predicted 13.8 percent rise.

After a shaky start to the year, China’s economy has recently shown signs of steadying as a series of government stimulus measures kick in, but many economists believe more policy support may still be needed to sustain a recovery.

$1 = 6.2103 yuan Reporting by China economics team; Editing by Kim Coghill

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