China Nov new loans 1.12 trln yuan, well above expectations

BEIJING, Dec 11 (Reuters) - Chinese banks extended 1.12 trillion yuan ($169.27 billion) in net new yuan loans in November, well above analysts’ expectations and the previous month.

Analysts polled by Reuters had predicted new yuan loans would rise to 800 billion yuan, from October’s 663.2 billion yuan.

Broad M2 money supply (M2) in November grew 9.1 percent from a year earlier, central bank data showed on Monday, beating forecasts for an expansion of 8.9 percent.

Outstanding yuan loans at the end of November grew 13.3 percent from a year earlier, faster than an expected 13 percent rise.

China’s banks have doled out a total of 12.94 trillion yuan in new loans the first 11 months of this year, exceeding last year’s record 12.65 trillion yuan, despite a government drive to reduce risks in the financial system that has pushed up borrowing costs. ($1 = 6.6167 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk and Kevin Yao; Editing by Kim Coghill)