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Banks lend more funds than forecast
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Banks in China lent more than expected in August and money supply accelerated, confirming signs that the Chinese economy is recovering steadily.
New yuan lending totaled 711.3 billion yuan (US$116.2 billion), an increase of 7.4 billion yuan from a year ago, the People’s Bank of China said in a statement on its website yesterday.
The loans extended were above the 700 billion yuan forecast in a Reuters poll.
Total social financing, the broadest measure of credit supply including loans, bank acceptance bills, corporate bonds and equity financing, totaled 1.57 trillion yuan in August, more than double the 750.4 billion yuan in July.
“We find mid- to long-term loans to non-financial institutions made up more than 30 percent of total lending, responding to recent data that point to a pickup of the economy,” said Du Zhengzheng, a China Development Bank Securities analyst.
The National Bureau of Statistics reported yesterday that industrial production rose to a 17-month high of 10.4 percent from a year earlier last month, up from 9.7 percent in July and 8.9 percent in June.
Wang Yang, an analyst at China Securities Co, said the central bank may maintain a relatively tight stance in monetary measures but liquidity is seen to improve on increasing money inflow.
M2, the broad gauge of money supply, rose 14.7 percent from a year earlier, compared with 14.6 percent forecast in a Bloomberg News survey and 14.5 percent in July.
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