New loans in China hit record of 3.23 trillion yuan in January

Headquarters of the People's Bank of China in Beijing.

Headquarters of the People's Bank of China in Beijing.

  |  REUTERS/Jason Lee/File Photo

Chinese banks released the record amount of 3.23 trillion yuan ($ 476,8 billion) in new loans in January, according to data released today by the People's Bank of China (PBoC).

The amount came well above the 1.08 trillion yuan recorded in December and also surpassed the forecast of 15 analysts surveyed by The Wall Street Journal which was of 3 trillion yuan in new loans.

Total social financing, a broader measure of credit in the Chinese economy, jumped from 1.59 trillion yuan in December to 4.64 trillion yuan in January, a record sum as well.

China's monetary base (M2) increased by 8.4% in January, up from 8.1% in the previous month and above the market's projection (+ 8.2%).

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