BEIJING: Chinese banks made a record 3.58 trillion yuan ($555.31 billion)in new loans in January, up from December and exceeding analyst expectations.

Analysts polled by Reuters had predicted new yuan loans would jump to 3.5 trillion yuan in January, up from 1.26 trillion yuan in the previous month and 3.34 trillion yuan a year earlier.

Broad M2 money supply in January grew 9.4% from a year earlier, central bank data showed on Tuesday, below estimates of 10% in the Reuters poll. It rose 10.1% in December.

Outstanding yuan loans grew 12.7% from a year earlier compared with 12.8% growth in December. Analysts had expected 12.7% growth.