BEIJING (Reuters – China’s new bank lending increased more than was expected in March. Credit growth accelerated in the preceding month, as the central banking maintained policy accommodativeness to help the economy slow down.

The People’s Bank of China released Monday’s data showing that Chinese banks granted 3.13 trillion Yuan (or $492 billion) in new loans to yuan in March. This was a sharp increase over February, and far more than analysts expected.

Reuters analysts polled predicted that March would see new yuan-loan amounts rise to 2.68 trillion yuan. A year ago, the new loans were more than 273 trillion yuan.

Bank lending increased 8.7% to 8.34 trillionyuan from 7.67 trillionyuan during the first quarter 2021, the previous record.

China’s cabinet held last week open the possibility of additional measures to help the economy, which is under increasing pressure due to renewed COVID-19 infections and slowing global recovery.

The central bank cut interest rates, banks’ reserve requirements ratio (RRR) and other easing measures to stimulate growth.

According to central bank data, the M2 broad money supply grew by 9.7% compared with a previous year, which was higher than the forecast of 9.2% in Reuters’ poll. From a year earlier, M2 increased 9.2% in February.

The outstanding yuan loan portfolio grew 11.4% compared to March’s 11.4% growth. Analysts expected an 11.4% increase.

The growth of outstanding total financial financing (TSF), which is a large measure of credit and liquidity, accelerated to 10.6% in March, compared with 10.2% in February a year ago.

TSF refers to off-balance sheets forms of financing, which are not part of the traditional bank lending system. These include initial public offerings (IPOs), loans from trust companies, and bond sales.

TSF rose to 4.65 billion yuan in March from 1.19 Trillion yuan for February. Reuters polled analysts and predicted that March’s TSF would be 3.7 trillion yuan.