Aggregate financing drops US$175b on tighter policies
By Louise Ho |
January 19, 2012, Thursday
|
Print Edition
Print Edition
CHINA'S aggregate financing fell 1.1 trillion yuan (US$175 billion) to 12.8 trillion yuan last year as the government tightened monetary policies to combat inflation, the People's Bank of China said yesterday.
Yuan-denominated loans accounted for 58.3 percent of the total, 1.6 percent higher than in 2010, the PBOC said in a statement on its website.
New yuan loans fell 390.1 billion yuan year on year to 7.47 trillion yuan. But new foreign currency loans rose 85.7 billion yuan from 2010 to 571.2 billion yuan last year.
Corporate bonds took up 10.6 percent of total financing at 1.37 trillion yuan, an annual rise of 2.7 percent.
"The drop in aggregate financing showed China had tighter monetary policies last year," said Er Yongjian, an economist at the Bank of Communications.
"The financing may expand to between 13 trillion yuan and 14 trillion yuan this year as China will slightly loosen its monetary control to bolster economic growth," he said.
Aggregate financing includes loans, bonds, insurance capital, foreign direct investment and foreign debt. The data to calculate aggregate financing is collected from different government departments such as the PBOC, the securities regulator and price regulator.
Lu Zhengwei, chief economist at the Industrial Bank, said aggregate financing is a better indicator of domestic consumption than the growth rate of lending.
Yuan-denominated loans accounted for 58.3 percent of the total, 1.6 percent higher than in 2010, the PBOC said in a statement on its website.
New yuan loans fell 390.1 billion yuan year on year to 7.47 trillion yuan. But new foreign currency loans rose 85.7 billion yuan from 2010 to 571.2 billion yuan last year.
Corporate bonds took up 10.6 percent of total financing at 1.37 trillion yuan, an annual rise of 2.7 percent.
"The drop in aggregate financing showed China had tighter monetary policies last year," said Er Yongjian, an economist at the Bank of Communications.
"The financing may expand to between 13 trillion yuan and 14 trillion yuan this year as China will slightly loosen its monetary control to bolster economic growth," he said.
Aggregate financing includes loans, bonds, insurance capital, foreign direct investment and foreign debt. The data to calculate aggregate financing is collected from different government departments such as the PBOC, the securities regulator and price regulator.
Lu Zhengwei, chief economist at the Industrial Bank, said aggregate financing is a better indicator of domestic consumption than the growth rate of lending.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
