China May new bank loans rise to 1.18 trln yuan, below forecasts

BEIJING, June 12 (Reuters) - Chinese banks extended 1.18 trillion yuan ($170.7 billion) in net new yuan loans in May, up from April but falling short of analyst expectations.

Analysts polled by Reuters had predicted new yuan loans of 1.225 trillion yuan in May, up from 1.02 trillion yuan in the previous month.

Broad M2 money supply in May grew 8.5% from a year earlier, central bank data showed on Wednesday, below estimates of 8.6% by analysts polled by Reuters, and unchanged from April’s pace.

Outstanding yuan loans grew 13.4% from a year earlier. Analysts had expected 13.5%, unchanged from April’s pace.

$1 = 6.9124 Chinese yuan Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong