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China Aug new bank loans rise to 1.28 trln yuan, slightly above estimates,,on September 11, 2020 at 8:09 am
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China Aug new bank loans rise to 1.28 trln yuan, slightly above estimates,,on September 11, 2020 at 8:09 am

BEIJING — Chinese banks extended 1.28 trillion yuan ($187.25 billion) in new yuan loans in August, up from July and slightly exceeding analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to 1.22 trillion yuan in August as the economy continued to recover, up from 992.7 billion yuan in the previous month but largely in line with 1.21 trillion yuan a year earlier.

Broad M2 money supply in August grew 10.4% from a year earlier, central bank data showed on Friday, below estimates of 10.7% forecast in the Reuters poll, which was the same pace as July.

Outstanding yuan loans grew 13.0% from a year earlier, unchanged from the 13.0% growth in July. Analysts had also expected 13.0% growth. ($1 = 6.8358 Chinese yuan renminbi) (Reporting by Lusha Zhang and Kevin Yao; Editing by Alex Richardson)

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