China March new bank loans jump to 2.85 trln yuan, beat forecast

BEIJING, April 10 (Reuters) - Chinese banks extended 2.85 trillion yuan ($405.2 billion) in new yuan loans in March, up sharply from February and far exceeding analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to 1.80 trillion yuan in March, nearly double the 905.7 billion yuan in the previous month and compared with 1.69 trillion yuan a year earlier.

Broad M2 money supply in March grew 10.1% from a year earlier, central bank data showed on Friday, above estimates of 8.8% forecast in the Reuters poll. It rose 8.8% in February.

Outstanding yuan loans grew 12.7% from a year earlier compared with 12.1% growth in February. Analysts had expected 12.1% growth. ($1=7.034 yuan) (Reporting by Judy Hua and Kevin Yao; Editing by Jacqueline Wong)