Bank lending in March more than expected
By Zhang Fengming |
April 15, 2011, Friday
|
Print Edition
Print Edition
Banks in China extended more new yuan loans in March than expected, which could trigger more tightening this year.
They extended 679.4 billion yuan (US$104 billion) of local currency loans in March, the People's Bank of China said on its website. That was higher than the median 600 billion yuan forecast in a Bloomberg News survey of 23 economists.
M2, the broadest measure of money supply, rose 16.6 percent last month from a year earlier, the central bank said. It also grew faster than economists' 15.4 percent median estimate.
"The data came in slightly above market expectations in March, implying that concerns about over-tightening are unwarranted," said Qu Hongbin, HSBC co-head of Asian economics research. "It calls for further tightening moves in the coming months, if not weeks."
Qu said he continues to expect 1 percentage point reserve ratio increases and one more 0.25 percentage point increase in the second quarter.
Also yesterday, the central bank for the first time included a society-wide financing indicator in its monetary report to show a bigger picture of total financing in the country.
China's new society-wide financing rose by 4.19 trillion yuan from a year earlier in the first quarter, down 322.5 billion yuan from the same period last year.
China is set to announce March figures for inflation and economic growth today.
Record Reserves
China's foreign-exchange reserves, the world's largest, topped US$3 trillion for the first time at the end of March, the central bank said yesterday.
That compares with US$2.85 trillion at the end of 2010.
They extended 679.4 billion yuan (US$104 billion) of local currency loans in March, the People's Bank of China said on its website. That was higher than the median 600 billion yuan forecast in a Bloomberg News survey of 23 economists.
M2, the broadest measure of money supply, rose 16.6 percent last month from a year earlier, the central bank said. It also grew faster than economists' 15.4 percent median estimate.
"The data came in slightly above market expectations in March, implying that concerns about over-tightening are unwarranted," said Qu Hongbin, HSBC co-head of Asian economics research. "It calls for further tightening moves in the coming months, if not weeks."
Qu said he continues to expect 1 percentage point reserve ratio increases and one more 0.25 percentage point increase in the second quarter.
Also yesterday, the central bank for the first time included a society-wide financing indicator in its monetary report to show a bigger picture of total financing in the country.
China's new society-wide financing rose by 4.19 trillion yuan from a year earlier in the first quarter, down 322.5 billion yuan from the same period last year.
China is set to announce March figures for inflation and economic growth today.
Record Reserves
China's foreign-exchange reserves, the world's largest, topped US$3 trillion for the first time at the end of March, the central bank said yesterday.
That compares with US$2.85 trillion at the end of 2010.
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