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August's new yuan loans increase
By Feng Jianmin |
September 12, 2012, Wednesday
|
Print Edition
Print Edition
CHINA'S new lending was the highest of any August on record as the country revved up efforts to bolster the slowing economy.
Chinese banks granted 703.9 billion yuan (US$111 billion) in loans in August, 163.8 billion yuan more than July and 155.5 billion yuan more than a year ago, the People's Bank of China said in a statement yesterday.
August's new yuan loans also beat economists' estimates of about 600 billion yuan in surveys by Bloomberg News and Reuters.
"The better-than-expected data showed that the country has indeed stepped up support to lending," said Li Huiyong, chief analyst of Shenyin and Wanguo Securities Co. "The increase in liquidity through loans offsets an outflow of foreign currencies and will help boost the economy."
The PBOC also said that total social financing, including loans, bank acceptance bills, corporate bonds and equity financing, reached 1.24 trillion yuan in August, 188.5 billion yuan more than in July and 166.6 billion more than in August last year.
The combined social financing in the first eight months was 10.07 trillion yuan, up 691.5 billion from last year.
E Yongjian, an economist at the Bank of Communications, said the total bank lending this year may amount to 8-8.5 trillion yuan.
While the new round of investment is welcomed, analysts said there is still room for lowering bank reserve requirement ratio. E said the PBOC may still cut the reserve requirement ratio by one to three times this year to replenish liquidity.
The PBOC has cut key interest rate by 0.5 percentage point and reserve requirement ratio by 1 percentage point this year.
Chinese banks granted 703.9 billion yuan (US$111 billion) in loans in August, 163.8 billion yuan more than July and 155.5 billion yuan more than a year ago, the People's Bank of China said in a statement yesterday.
August's new yuan loans also beat economists' estimates of about 600 billion yuan in surveys by Bloomberg News and Reuters.
"The better-than-expected data showed that the country has indeed stepped up support to lending," said Li Huiyong, chief analyst of Shenyin and Wanguo Securities Co. "The increase in liquidity through loans offsets an outflow of foreign currencies and will help boost the economy."
The PBOC also said that total social financing, including loans, bank acceptance bills, corporate bonds and equity financing, reached 1.24 trillion yuan in August, 188.5 billion yuan more than in July and 166.6 billion more than in August last year.
The combined social financing in the first eight months was 10.07 trillion yuan, up 691.5 billion from last year.
E Yongjian, an economist at the Bank of Communications, said the total bank lending this year may amount to 8-8.5 trillion yuan.
While the new round of investment is welcomed, analysts said there is still room for lowering bank reserve requirement ratio. E said the PBOC may still cut the reserve requirement ratio by one to three times this year to replenish liquidity.
The PBOC has cut key interest rate by 0.5 percentage point and reserve requirement ratio by 1 percentage point this year.
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