September 10, 2013 / 8:15 AM / 6 years ago

China August new bank loans above forecast, social financing jumps

A staff member walks in front of the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, June 25, 2013. REUTERS/Jason Lee

BEIJING (Reuters) - Chinese banks made 711.3 billion yuan ($116.2 billion) worth of new yuan loans in August, higher than a forecast of 700 billion yuan and above the previous month’s 699.9 billion yuan, central bank data showed on Tuesday.

The broad M2 money supply grew 14.7 percent last month from a year earlier, the People’s Bank of China said in a statement on its website, www.pbc.gov.cn, above the forecast in a Reuters poll of a 14.4 percent rise.

Outstanding yuan loans grew 14.1 percent from a year earlier, in line with forecasts for a growth of 14.1 percent.

The central bank also said China’s total social financing aggregate, a broad measure of liquidity in the economy, rose to 1.57 trillion yuan in August versus 808.8 billion yuan the month before.

China economics team

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