China March new bank loans rise to 3.89 trillion yuan, exceed forecasts
Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, Mar 30, 2016. (Photo: Reuters/Kim Kyung-hoon)
BEIJING: Chinese banks extended 3.89 trillion yuan (US$565 billion) in new yuan loans in March, up sharply from February and surpassing analysts' expectations.
Analysts polled by Reuters had predicted new yuan loans would rise to 3.24 trillion yuan last month, versus 1.81 trillion yuan in February.
Broad M2 money supply grew 12.7 per cent in March from a year earlier, central bank data showed on Tuesday (Apr 11), in line with estimates of 12.7 per cent in the Reuters poll. M2 rose 12.9 per cent in February.
Outstanding yuan loans grew 11.8 per cent in March from a year earlier compared with 11.6 per cent growth the previous month. Analysts had expected 11.7 per cent growth.
