China's new local currency loans exceeded economists' expectations in April, but it fell from March, data showed Friday.
The new yuan denominated loans extended by Chinese banks totaled CNY 792.9 billion in April, the People's Bank of China said. Economists had forecast lending to fall to CNY 767.5 billion from CNY 1.06 trillion in March.
The M2 broad measure of money supply, that covers cash in circulation and all deposits, grew 16.1 percent annually, up 0.4 percentage points from the rate seen in March, the central bank said. The rate exceeded consensus forecast of 15.5 percent.
The PBoC on Thursday sold CNY 10 billion of three months bills, first such sale in more than a year, to drain liquidity in the banking system.
For comments and feedback: editorial@rttnews.com