BEIJING--Chinese banks increased their lending in June as Beijing moved to encourage banks to step up and support a cooling economy.
Chinese banks issued 1.66 trillion yuan ($242 billion) worth of new loans in June, up from CNY1.18 trillion in May and in line with economists' expectations, data from the People's Bank of China showed Friday.
Total social financing, a broader measurement of credit in the economy, rose to CNY2.26 trillion in June, up from CNY1.4 trillion in May.
China's broadest measure of money supply, M2, rose 8.5% at the end of June compared with a year earlier, unchanged from the 8.5% rise at the end of May. The figure was slightly lower than the median forecast of 8.6% by 14 economists in a poll by The Wall Street Journal.
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