UPDATE 1-China March new loans rebound to 1.12 trln yuan but miss forecasts

* China March loan/money data largely below expectations

* New March loans 1.2 trln yuan but up from Feb

* M2 money supply growth falls to 8.2 pct from 8.8 pct in Feb

* Total social financing rises to 1.33 trln yuan

* Authorities continuing with crackdown on riskier financing (Adds detail)

BEIJING, April 13 (Reuters) - Chinese banks extended 1.12 trillion yuan ($178.23 billion) in net new yuan loans in March, up from the previous month but just below expectations, as policymakers press ahead with their campaign to curb financial risks without stunting economic growth.

Analysts polled by Reuters had predicted new yuan loans of 1.2 trillion yuan, rebounding from February's weaker-than-expected 839.3 billion yuan.

China's banks extended a record 13.53 trillion yuan in new loans last year, 7 percent more than the previous high in 2016.

After banks doled out a record 2.9 trillion yuan in new yuan loans in January, they came under pressure from regulators to rein in lending, financial magazine Caixin reported in February, citing banking sources.

Beijing is in the second year of a regulatory push to reduce risks to the financial system that have been fueled by a rapid build-up in debt linked to stimulus campaigns.

While escalating U.S.-China trade tensions pose a risk for economic growth, the threat has not reached a point where China is likely to change its monetary policy, the Bank of Communications said in a recent report.

Long-term household loans, mostly mortgages, rose to 377 billion yuan in March from 322 billion yuan in February, according to data released by the central bank on Friday.

Overall new household loans totaled 580 billion yuan, 52 percent of total new loans in March, versus 33 percent in February.

Broad M2 money supply grew 8.2 percent in March from a year earlier, missing forecasts for an expansion of 8.9 percent and compared with 8.8 percent in February.

Premier Li Keqiang said in his annual work report in March that he expected reasonable growth in broad M2 money supply and total social financing this year, without giving hard targets.

Outstanding yuan loans grew 12.8 percent from a year earlier, slower than an expected 12.9 percent rise and the same pace as in February.


Last week, China's banking and insurance regulator said the country would crack down firmly on shadow banking, and would seek to push banks to bring off-balance sheet assets onto their balance sheets to give regulators a better idea of their risk exposure.

But authorities are proceeding cautiously and keeping the financial system well supplied with cash to avoid any sharp drag on the world's second-largest economy or excessive financial market volatility.

China's total social financing (TSF), a broad measure of credit and liquidity in the economy, rose to 1.33 trillion yuan in March from 1.17 trillion yuan in February.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.

That can provide hints of activity in China's vast and unregulated shadow banking sector, which authorities have also been targeting in their campaign to reduce systemic risks.

($1 = 6.2841 Chinese yuan renminbi) (Reporting by Elias Glenn and Cheng Fang; additional reporting by Yawen Chen and Lusha Zhang; Editing by Kim Coghill)