A woman counts Chinese Yuan banknotes as she sells tickets for a job fair in Beijing, China, February 11, 2017. REUTERS/Jason Lee

Chinese banks extended 2.03 trillion yuan (US$296 billion) in net new yuan loans in January, less than analysts expected but still the second highest monthly tally on record — and total social financing, a broader gauge, hit a record high.

Analysts polled by Reuters had predicted new yuan loans of 2.3 trillion yuan, compared with 1.04 trillion yuan in December.

Broad M2 money supply grew at 11.3% from a year earlier, central bank data showed on Tuesday, meeting forecasts.

The smaller loan figure meant outstanding yuan loans grew at 12.6% by month-end on an annual basis, undershooting the 13.4% rise as expected by analysts polled by Reuters.

January TSF surges to 3.74 trillion yuan

China’s total social financing, a broad measure of credit and liquidity in the economy, surged to 3.74 trillion yuan in January from 1.63 trillion yuan in December 2016.

TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales. It can also hint at trends in China’s vast shadow banking sector.

China’s outstanding total social financing was 159.65 trillion yuan at the end of January, up 12.8% from a year earlier, the central bank said on Tuesday.