June new loans 2.13 trln yuan vs forecast 2.25 trln yuan
M2 money supply up 6.2 yy vs forecast 6.8 growth
Broadest credit growth at record low
PBOC vows to stick to supportive monetary policy stance
BEIJING, July 12 Reuters Chinese bank lending jumped less than expected in June while some key money gauges hit fresh record lows, highlighting weak demand in the world39;s secondlargest economy as the country39;s top leaders prepare to meet to lay out longerterm policy goals.
The money and credit data, released by the People39;s Bank of China PBOC on Friday, added to concerns over the struggling economy as a prolonged property crisis curbs investment and sours consumer confidence.
Banks extended 2.13 trillion yuan 293.55 billion in new yuan loans in June, more than double the 950 billion yuan the previous month but less than 3.05 trillion yuan a year earlier.
Analysts polled by Reuters had predicted new yuan loans would jump to 2.25 trillion yuan in June.
China39;s new loans and new aggregate financing both came in below estimates, suggesting that the demand for credit remains soft for the time being, said Zhou Hao, chief economist at Guotai Junan International.
This indicates that further monetary easing is required to help restore sentiment in the property market.
The PBOC does not provide monthly breakdowns but Reuters calculated the June figures based on the bank39;s JanuaryJune data, compared with the JanMay figure.
The PBOC said new yuan loans totalled…