Beijing, China (4E) – Financial institutions in China issued 1.05tn yuan ($169.4bn) in new yuan loans last month, higher than February’s 644.5bn yuan and slightly beat economists’ estimates, according to the People’s Bank of China (PBOC) report released Tuesday.
The forecast of 16 economists surveyed by The Wall Street Journal called for 1tn yuan in newly extended loans in March.
Total social financing, which is a broader measure of credit in the economy, climbed to 2.07tn yuan in March from 938.7bn yuan in February.
M2, the country’s broadest measure of money supply, rose 12.1 percent at the end of March from the same month last year, lower than the 13.3 percent gain at the end of February, according to the PBOC. The figure was below economists’ forecast of 13 percent rise.
At the end of March, China’s foreign exchange reserves were at $3.95tn, higher than $3.82tn at the end of 2013, the central bank said.