China April new bank loans fall to 1.47 trillion yuan, below forecast

Chinese banks extended 1.47 trillion yuan ($228.21 billion) in new yuan loans in April, down from March and missing analysts’ expectations.

Analysts polled by Reuters had predicted new yuan loans would drop to 1.6 trillion yuan in April, down from 2.73 trillion yuan the previous month and against 1.7 trillion yuan a year earlier.

Broad M2 money supply grew 8.1% from a year earlier, central bank data showed on Wednesday, below estimates of 9.3% forecast in the Reuters poll. It rose 9.4% in March.

Outstanding yuan loans grew 12.3% from a year earlier compared with 12.6% growth in March. Analysts had expected 12.5% growth.

($1 = 6.4415 Chinese yuan renminbi)