Chinese banks extended $238.92b loans in September

This exceeded analysts’ expectations of $197.9b.

Reuters reports that Chinese banks extended $238.92b (CNY1.69t) in new loans in September, exceeding analysts expectations that it would hit only $197.9b (CNY1.4t) and up from $171.1b (CNY1.21t) recorded in the previous month.

Also read: Chinese bank loans up to $170b in August as stimulus kicks in

Broad M2 money supply—money supply that includes M1 plus savings and time deposits, certificates of deposits, and money market funds—grew 8.4% YoY, central bank data revealed. This is above estimates of 8.2% forecast in a Reuters poll, which would have been unchanged from August.

Outstanding yuan loans expanded 12.5% YoY compared with August’s 12.4%. Analysts had expected a slight contraction to 12.3%.

Despite a flurry of growth-boosting measures since last year, including a push by regulators to ramp up lending, China’s economic growth has slowed to near 30-year lows due to sluggish domestic demand and the escalating trade tensions, both of which weigh on business confidence and investment.

Here’s more from Reuters.