China Dec new loans 481 bln yuan, M2 up 19.7 pct

Chinese banks extended 480.7 billion yuan in new loans in December, down from 564 billion yuan in November, the People's Bank of China said on Tuesday.
That left China with 7.9 trillion yuan in new local-currency loans for all of 2010, more than the government's target of 7.5 trillion yuan for the full year.
Yuan loans outstanding at the end of December were 19.9 percent higher than a year earlier, the central bank said in a statement on its website.

Annual growth in China's broad M2 measure of money supply quickened to 19.7 percent in the month from 19.5 percent in November.

China's end-December foreign exchange reserves reached $2.85 trillion, ahead of forecasts for a rise to $2.79 trillion, up about $200 billion yuan in the fourth quarter.

The median forecast of economists was for issuance of 380 billion yuan in new loans, a 19.7 percent rise in outstanding loan and an 18.9 percent increase in M2.

 

 

 

 

 

source:Reuters