New bank loans in China surged more than expected to an all-time high in January as the central bank moved to shore up a patchy economic recovery, reinforcing expectations for more stimulus in the coming months.

VCG. China’s yuan-denominated loans rose by 5.13 trillion yuan ($706.19 billion) in January, according to data released by the People’s Bank of China (PBC),

China's yuan-denominated loans rose by 5.13 trillion yuan (US$715 billion) in January, central bank data showed on Friday. Social financing expanded by a record 7.06 trillion yuan last month, 583.3 billion yuan more than the growth in the same period last year, according to the People's Bank of China.

Chinese banks extended 5.13 trillion yuan ($706.40 billion) in new yuan loans in January, up sharply from December, outpacing analysts' forecasts and hitting an all-time high, as the central bank looks to shore up a patchy recovery in the country's economy.

China’s central bank expanded its gold reserves for a third month in January, even as the precious metal kept rallying to a record high.