BEIJING, Dec 10 (Reuters) – Chinese banks extended 1.39 trillion yuan ($197.47 billion) in new yuan loans in November, rising sharply from October and beating analysts’ expectations.
Analysts polled by Reuters had predicted new yuan loans would rebound to 1.2 trillion yuan in November, from 661.3 billion yuan in the previous month and compared with 1.25 trillion yuan a year earlier.
Broad M2 money supply in November grew 8.2% from a year earlier, central bank data showed on Tuesday, below estimates of 8.4% forecast in the Reuters poll. It rose 8.4% in October.
Outstanding yuan loans grew 12.4% from a year earlier, unchanged from the pace in October. Analysts had expected 12.3%.
Despite a flurry of growth boosting measures since last year, including a push by regulators to ramp up lending, domestic demand in China has remained sluggish, while U.S.-China trade tensions are weighing on its exports. Economic growth cooled to 6% in the third quarter, the slowest in nearly 30 years.
$1 = 7.0389 Chinese yuan renminbi
Reporting by Beijing Monitoring Desk; Editing by Kim Coghill