China March new bank loans in line, M2 growth slows

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Chinese banks made 1.05 trillion yuan ($168.8 billion) worth of new yuan loans in March, in line with a forecast of 1 trillion yuan but well above the previous month's 644.5 billion yuan, central bank data showed on Tuesday.

The broad M2 money supply grew 12.1 percent last month from a year earlier, the People's Bank of China said in a statement on its website below the forecast in a Reuters poll of a 13 percent rise.

Outstanding yuan loans rose 13.9 percent from a year earlier versus forecasts for growth of 13.9 percent.

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The central bank also said China's total social financing aggregate, a broad measure of liquidity in the economy, was 2.07 trillion yuan in March versus 938.7 billion yuan the month before.

China's foreign exchange reserves, the world's largest, rose to $3.95 trillion at the end of the first quarter from $3.82 trillion at the end of the previous quarter.