Chinese banks issued a higher-than-expected amount of new loans in August, as Beijing tapped the nation’s financial institutions to step up support for the cooling economy.
New yuan loans extended by banks in China reached 1.36 trillion yuan ($185.20 billion) in August, up from CNY345.9 billion in July, the People’s Bank of China said Monday.
The result beat the CNY1.2 trillion expected by economists in a Wall Street Journal poll.
Total social financing, which includes both bank and nonbank credit, was CNY3.12 trillion in August, up sharply from CNY528.2 billion in August, the central bank said.
M2, the broadest measure of money supply, rose 10.6% in August from a year earlier, lower than July’s 10.7% increase and the same growth rate anticipated by the surveyed economists.
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