China’s Yuan Loans Trail Estimates

China’s new local-currency loans fell more than forecast last month while a broader measure of financing surged 28 percent, highlighting the economic rebound’s increasing dependence on non-bank credit that may add risks.

Loans were 454.3 billion yuan ($73 billion), according to People’s Bank of China data today, compared with the median estimate of 550 billion yuan in a Bloomberg News survey of 37 analysts and last year’s 640.5 billion yuan. Aggregate financing of 1.63 trillion yuan, which includes bank and non-bank lending, was up from 1.27 trillion yuan a year earlier.