China's new bank loans fell in May, overall credit grew at fastest pace in two years mainly due to government bond sales

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New bank lending in China fell more than expected in May from the previous month, but broader credit grew at the fastest pace in two years as the central bank continues to ease policy to shore up the economy after the shock from the coronavirus crisis.

Banks extended 1.48 trillion yuan (US$209 billion) in new yuan loans in May, down from 1.70 trillion yuan in April and falling short of analyst expectations, according to data released by the People’s Bank of China (PBOC) on Wednesday.

Analysts had predicted new . . .

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