October 17, 2018 / 8:11 AM / a month ago

China Sept new loans rise to 1.38 trln yuan, above forecasts

BEIJING, Oct 17 (Reuters) - Chinese banks extended 1.38 trillion yuan ($199.25 billion) in net new yuan loans in September, more than analysts had expected and up from the previous month.

Analysts polled by Reuters had predicted new yuan loans of 1.35 trillion yuan, up from 1.28 trillion yuan in August.

Broad M2 money supply grew 8.3 percent in September from a year earlier, central bank data showed on Wednesday. Analysts had expected M2 to rise 8.3 percent, compared with 8.2 percent for August.

Outstanding yuan loans grew 13.2 percent from a year earlier, matching expectations and August’s rise.

New bank loans in the first nine months of 2018 totalled 13.14 trillion yuan. That is well on track to set a new full-year record, eclipsing last year’s 13.53 trillion yuan.

The People’s Bank of China has cut reserve requirements for lenders four time this year, with the latest cut taking effect on Oct. 15, injecting more liquidity to stimulate bank lending. ($1 = 6.9258 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)

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