Economic

China July new bank loans fall to 992.7 billion yuan, below forecast

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imageEconomy5 hours ago (Aug 11, 2020 04:55AM ET)

(C) Reuters. Illustration photo of a China yuan note

BEIJING (Reuters) – Chinese banks extended 992.7 billion yuan ($142.82 billion) in new yuan loans in July, down from June and falling short of analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would fall to 1.20 trillion yuan in July, down from 1.81 trillion yuan in the previous month and compared with 1.06 trillion yuan a year earlier.

Broad M2 money supply in July grew 10.7% from a year earlier, central bank data showed on Tuesday, below estimates of 11.1% forecast in the Reuters poll. It rose 11.1% in June.

Outstanding yuan loan grew 13.0% from a year earlier compared with 13.2% growth in June. Analysts had expected 13.2% growth.

China July new bank loans fall to 992.7 billion yuan, below forecast

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