China New Yuan Loans Top Estimates as Money-Supply Growth Slows

China’s money-supply growth slowed in September and new local-currency loans were more than forecast, data from the People’s Bank of China today showed.

M2, China’s broadest measure of money supply, rose 14.2 percent from a year earlier, the Beijing-based central bank said in a statement on its website. That compared with the median economist estimate of 14.2 percent in a Bloomberg News survey and 14.7 percent in August.

New yuan loans were 787 billion yuan, compared with the 675 billion yuan median analyst estimate and 623.2 billion yuan a year earlier. Aggregate financing, the government’s broadest measure of credit, was 1.4 trillion yuan, compared with the 1.35 trillion yuan median projection and 1.65 trillion yuan a year ago.

China’s foreign-exchange reserves, the world’s largest, rose to $3.66 trillion from $3.5 trillion at the end of June.

To contact Bloomberg News staff for this story: Scott Lanman in Beijing at slanman@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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