China August bank loans rise 590 bln yuan, well below expectations

BEIJING, Sept 12 (Reuters) - China's new bank loans rose 590 billion yuan ($82.84 billion) in August, bouncing from a 50 billion yuan contraction in July but lagging analysts' forecasts, according to Reuters calculations based on data released by the People's Bank of China.

Analysts polled by Reuters had predicted new yuan loans would reach 800 billion yuan, compared with 900 billion yuan in the same month last year.

The central bank does not provide monthly breakdowns. Reuters calculated the August figures based on the central bank's January-August data released on Friday, compared with the January-July figure.

($1 = 7.1222 Chinese yuan renminbi)