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Chinese Banks’ New Yuan Loans in December Beat Expectations

Chinese banks issued 1.14 trillion yuan ($165.5 billion) worth of new yuan loans in December, higher than market expectations, official data released Thursday showed.

Economists polled by The Wall Street Journal expected CNY1.1 trillion of new loans in December. In November, new loans stood at CNY1.39 trillion.

Total social financing, a broader measurement of credit in the economy that includes both bank loans and nonbank financing, was CNY2.1 trillion in December, up from CNY1.99 trillion in November.

The People’s Bank of China said Thursday it expanded the calculation of total social financing to include Chinese Treasuries and local government bonds. Before the revision, China’s total social financing was CNY1.75 trillion in November.

China’s broadest measure of money supply, M2, was up 8.7% at the end of December compared with a year earlier, higher than the 8.2% rise at the end of November. The figure was below the median 8.3% increase forecast by the WSJ poll.
Source: Dow Jones

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