China June New Yuan Loans CNY1.08 Trillion; Market Forecast CNY980 Billion
BEIJING--Chinese financial institutions issued 1.08 trillion yuan ($174 billion) in new yuan loans in June--up from 870.8 billion yuan in May and above economists' expectations, data from the central bank showed Tuesday.
The median forecast from a Wall Street Journal poll of 20 economists was for 980 billion yuan of new loans in June.
Total social financing, a broader measurement of credit in the economy, came to 1.97 trillion yuan in June, up from 1.40 trillion yuan in May, data from the People's Bank of China showed.
China's broadest measure of money supply, M2, was up 14.7% at the end of June compared with a year earlier, higher than the 13.4% increase at the end of May.
June's M2 figure was also above the median 13.5% increase forecast by the polled economists.
China's foreign-exchange reserves rose to $3.99 trillion at end-June, up from $3.95 trillion three months earlier, suggesting continued flows of capital into the economy from abroad.
Write to Grace Zhu at email@example.com
(END) Dow Jones Newswires
July 14, 2014 22:52 ET (02:52 GMT)