China's credit expansion recovered in May from April's unexpected drop, topping expectations amid continued tepid demand for borrowing.
Chinese new loans stood at 520 billion yuan in May, equivalent to $76.74 billion, according to calculations by The Wall Street Journal based on data from the People's Bank of China. That figure was higher than the 460 billion in yuan new loans expected by economists polled by The Wall Street Journal. New Yuan loans fell by 10 billion yuan in April.
Total social financing, a broad measure of credit that includes nonbank financing, stood at 2.03 trillion last month, up from 620 billion yuan in April, a big jump largely thanks to seasonality. Meanwhile, M2, the broadest measure of money supply, rose 8.6% in May from a year earlier, higher than the 8.5% anticipated by the polled economists.
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(END) Dow Jones Newswires
