BEIJING : Chinese banks extended 345.9 billion yuan ($47.80 billion) of new yuan loans in July, tumbling from June and falling far short of analysts’ forecasts.
Analysts polled by Reuters had expected new loans last month to fall sharply from 3.05 trillion yuan in June to 800 billion yuan, after record lending in the first half as the central bank tried to underpin a faltering economic recovery.
Broad M2 money supply grew by 10.7 per cent in July from a year earlier, according to central bank data on Friday, below the poll’s forecast of 11 per cent. M2 expanded by 11.3 per cent in June from a year earlier.
Outstanding yuan loans expanded by 11.1 per cent in July from the year before, compared with 11.3 per cent growth the previous month. Analysts had expected an 11.3 per cent growth.
($1 = 7.2359 Chinese yuan)
Source: CNA
