Outstanding yuan loan grew 11.3% from a year earlier compared with 11.1% growth in December. Analysts had expected 11.0% growth. Harsh COVID-19 control measures and a debt crisis in the sprawling property sector dragged China's economic growth down to 3% in 2022, one of its worst rates in nearly half a century. Growth is expected to recover to around 5% this year, after Beijing abruptly dismantled anti-virus curbs in early December. ($1 = 6.7988 Chinese yuan renminbi) (Reporting by Judy Hua and Kevin Yao; Editing by Kim Coghill)
Messaging: judy.hua.thomsonreuters.com@reuters.net)) BEIJING, Feb 10 (Reuters) - Chinese banks extended a
record 4.9 trillion yuan ($720.72 billion) in new yuan loans in
January, up sharply from December and exceeding analysts'
expectations as the central bank moves to revive growth
following the lifting of pandemic controls.
Analysts polled by Reuters had predicted new yuan loans
would jump to 4 trillion yuan in January, from 1.4 trillion yuan
in the previous month and compared with the previous monthly
record of 3.98 trillion yuan in January 2022.
Broad M2 money supply in January grew 12.6% from a year
earlier, central bank data showed on Friday, above estimates of
11.6% forecast in the Reuters poll. It rose 11.8% in December.
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