China's new bank loans surged, aggregate financing hit record, amid government stimulus

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New loans extended by Chinese banks surged in March, the aggregate financing hit a record high and money supply grew at the fastest pace in three years, after the authority pumped in liquidity to support the economy hurt by the coronavirus outbreak.

New bank lending climbed to 2.85 trillion yuan ($405 billion) in March, surging from 905.7 billion yuan in February, shows data released by the People’s Bank of China (PBOC) on Friday.

That's sharply higher than 1.8 trillion yuan expected by analysts in a Reuters poll. The new loans . . .

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