BEIJING: Chinese banks extended 2.73 trillion yuan ($416.58 billion) in new yuan loans in March, up from February and exceeding analysts' expectations.

Analysts polled by Reuters had predicted new yuan loans would rise to 2.45 trillion yuan in March, up from 1.36 trillion yuan in the previous month and compared with 2.85 trillion yuan a year earlier.

Broad M2 money supply grew 9.4% from a year earlier, central bank data showed on Monday, below estimates of 9.6% forecast in the Reuters poll. It rose 10.1% in February.

Outstanding yuan loan grew 12.6% from a year earlier compared with 12.9% growth in February. Analysts had expected 12.6% growth.