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August 12, 2020

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New lending falls in July, PBOC says

New bank lending in China fell in July from the previous month, but broad credit and liquidity growth quickened as the central bank sought to support a gradual economic recovery.

Chinese banks extended 992.7 billion yuan (US$142.82 billion) in new yuan loans in July, down sharply from 1.81 trillion yuan in June, according to data released by the People’s Bank of China yesterday.

Wen Bin, senior economist at Minsheng Bank in Beijing, said banks tend to lend less into the second half after rapid credit expansion in the first half due to policy stimulus.

Household loans, mostly mortgages, fell to 757.8 billion yuan in July from 978.8 billion yuan in June, while corporate loans dipped to 264.5 billion yuan from 927.8 billion yuan.

The central bank has already rolled out a raft of easing steps since early February, including cuts in reserve requirements and lending rates and targeted lending for virus-hit firms.

Broad M2 money supply in July grew 10.7 percent from a year earlier, central bank data showed yesterday.


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