BEIJING — Chinese banks extended 1.7 trillion yuan ($240.05 billion) in new local-currency loans in April, down from March but beating analyst expectations.
Analysts polled by Reuters had predicted new yuan loans would fall to 1.4 trillion yuan in April, down from 2.85 trillion yuan in the previous month and compared with 1.02 trillion yuan a year earlier.
Broad M2 money supply in April grew 11.1% from a year earlier, central bank data showed on Monday, above the 10.2% forecast in the Reuters poll. It rose 10.1% in March.
Outstanding yuan loans grew 13.1% from a year earlier compared with 12.7% growth in March. Analysts had expected 12.9% growth. ($1 = 7.0818 Chinese yuan renminbi) (Reporting by Judy Hua and Kevin Yao, editing by Louise Heavens)