China New Loans Exceed Estimates
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China’s new yuan loans and broadest measure of credit exceeded estimates last month in data at odds with indications that the government wants to curb borrowing.
New local-currency loans were 624.6 billion yuan ($103 billion), the People’s Bank of China said yesterday in Beijing, compared with the 580 billion yuan median estimate of 41 analysts surveyed by Bloomberg News. Aggregate financing was 1.23 trillion yuan, topping all economists’ estimates, while M2 money supply increased 14.2 percent from a year earlier.