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New loans, social financing top expectations in December


12-15-2016 01:05 BJT

China's new loan and total social financing grew more than expected in November. That's according to statistics from the People's Bank of China.

The PBOC says that Chinese banks extended about 800 billion in new yuan loans in November. Mid- to long-term loans to households, primarily mortgages, rose to 71 percent of all loans.That was up from September's 67 percent.

Existing loans denominated in yuan amounted to more than 100 trillion by the end of November. That was an increase of 13 percent from a year ago.

Meanwhile, total social financing rose to 1.74 trillion yuan, almost double of that in October.

On the other side, the M2 broad money supply grew 11 percent from a year earlier while M1 grew 23 percent.

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