China Bank Lending Rises In August

(RTTNews) - China's bank lending increased in August after declining sharply in the previous month, reports said citing data from the People's Bank of China on Monday.

New bank lending rose to CNY 60 billion in August after contracting CNY 340.0 billion in July. However, this was well below economists' forecast of CNY 480 billion.

During January to August period, yuan-denominated loans rose by CNY 10.44 trillion to CNY 282.35 trillion. This was up by 4.9 percent from the last year.

M2 money supply increased 7.5 percent from the last year, slightly slower than the 7.6 percent rise in July. M2 had increased 7.7 percent in July.