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China October new bank loans dip to 661.3 bilion yuan, below forecast - Metro US

China October new bank loans dip to 661.3 bilion yuan, below forecast

FILE PHOTO: Chinese 100 yuan banknotes are seen in this picture illustration taken in Shanghai January 17 , 2011. REUTERS/Carlos Barria
Reuters

BEIJING (Reuters) – Chinese banks extended 661.3 billion yuan ($94.55 billion) in new yuan loans in October, down sharply from September and falling short of analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would fall to 800 billion yuan in October, down from 1.69 trillion yuan in the previous month and compared with 697 billion yuan a year earlier.

Broad M2 money supply in October grew 8.4% from a year earlier, central bank data showed on Monday, matching estimates of 8.4% forecast in the Reuters poll. It rose 8.4% in September.

Outstanding yuan loans grew 12.4% from a year earlier. Analysts had expected a 12.5% growth, in line with September’s 12.5%.

Despite a flurry of measures to support the economy since last year, including a push by regulators to ramp up lending, domestic demand in China has remained sluggish, while escalating U.S.-China trade tensions weigh on exports.

(Reporting by Beijing Monitoring Desk)

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