China Aug new bank loans jump, beat expectations

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Chinese banks extended 1.36 trillion yuan ($186.18 billion) in new yuan loans in August, up sharply from July and beating analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to 1.20 trillion yuan in August from 345.9 billion yuan the previous month.

Broad M2 money supply grew 10.6% from a year earlier, central bank data showed on Monday, below estimates of 10.7% forecast in the Reuters poll. M2 grew 10.7% in July from a year ago.

Outstanding yuan loans grew 11.1% in August from a year earlier, which was in line with expectations and matched growth in July. ($1 = 7.3049 Chinese yuan renminbi) (Reporting by Kevin Yao; Editing by Jamie Freed)

 



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