New Chinese bank loans fall 9%

Drops to US$107.6 billion in May.

This compares to total loans of US$119 billion in April. Economists expected total new loans in May to hit US$134 billion.

Total social financing, which is a broader measurement of credit in the economy, stood at US$194 billion in May, 32% lower than the US$285 billion in April.

M2, the broadest measure of money supply, rose 15.8% at the end of May year-on-year but lower than the 16.1% rise at the end of April.