July 12, 2019 / 8:11 AM / 2 months ago

China June new bank loans rise to 1.66 trln yuan, below forecasts

BEIJING, July 12 (Reuters) - Chinese banks extended 1.66 trillion yuan ($241.35 billion) in net new yuan loans in June, up from May but still falling short of analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to a 5-month high of 1.7 trillion yuan in June, up from 1.18 trillion yuan in the previous month.

Broad M2 money supply in June grew 8.5% from a year earlier, central bank data showed on Friday, below estimates of 8.6% forecast in the Reuters poll.

Outstanding yuan loans grew 13% from a year earlier. Analysts had expected 13.4% growth, unchanged from May’s rate.

Despite a flurry of growth boosting measures since last year, domestic demand in China has remained sluggish, while escalating U.S.-China trade tensions weigh on its exporters.

$1 = 6.8781 Chinese yuan renminbi Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam

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