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China February new loans drop to 900 billion yuan, miss forecasts

BY Reuters | ECONOMIC | 05:18 AM EDT

BEIJING, March 13 (Reuters) - China's banks extended 900 billion yuan ($130 billion) in new yuan loans in February, plunging from 4.71 trillion yuan in January and missing analysts' forecasts, according to Reuters calculations based on data released by the People's Bank of China (PBOC). Analysts polled by Reuters had expected new yuan loans would stand at 979 billion yuan last month.

The PBOC does not provide monthly breakdowns. Reuters calculated the February figure based on the bank's January-February data released on Friday, compared with the January figure. Outstanding yuan loans grew 6.0% in February from a year earlier, slower than 6.1% in January. Analysts had expected 6.0% growth.

($1 = 6.8999 Chinese yuan renminbi) (Reporting by Shi Bu and Kevin Yao; Editing by Toby Chopra)

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