Chinese banks extended higher-than-expected credit in June while the country's broadest measure of money supply fell to a fresh record low amid Beijing's efforts to rein in financial leverage.
Chinese banks issued 1.54 trillion yuan ($226.38 billion) of new yuan loans in June, up from 1.11 trillion yuan in May and above the 1.3 trillion yuan forecast by a Wall Street Journal poll of 14 economists.
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Total social financing, a broader measurement of credit in the economy, was at 1.78 trillion yuan in June, compared with 1.06 trillion yuan in May.
China's broadest measure of money supply, M2, was up 9.4% at the end of June from a year earlier, lower than the 9.6% rise at the end of May and the median 9.6% increase forecast by the poll of economists.
(END) Dow Jones Newswires
July 12, 2017 04:53 ET (08:53 GMT)