Chinese banks issued more new loans than markets had expected at the end of 2024, as Beijing eased monetary policy to counter growing economic challenges.
New loans issued by lenders in China stood at 990 billion yuan ($135 billion) in December, up from 580 billion yuan in November, according to data released Tuesday by the People's Bank of China.
That was higher than the 850 billion yuan forecast made by economists in a Wall Street Journal poll.
In 2024, Chinese banks extended a total of 18.09 trillion yuan in new loans, higher than 17.1 trillion yuan in 2023.
Total social financing, a broader measure of credit that also includes non-bank financing, stood at 2.86 trillion yuan in December, up from November's 2.34 trillion yuan.
M2, the broadest measure of money supply, rose 7.3% on the year in December, higher than November's 7.1% rise and on par with economists' projection.
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(END) Dow Jones Newswires
01-14-25 0244ET