Social financing recovers amid liquidity easing
By Feng Jianmin |
March 17, 2012, Saturday
|
Print Edition
Print Edition
CHINA'S social financing recovered last month from January's slump on slight easing of monetary policies.
Social financing, including loans, bank acceptance bills, corporate bonds and equity financing, reached 1.04 trillion yuan (US$165.1 billion) in February, up 391.2 billion yuan from a year ago, the People's Bank of China said in a statement yesterday. The combined social financing in the first two months of this year still fell 408.9 billion yuan from the same period of last year.
Besides the long Chinese New Year holiday that restricts companies' financing in January, analysts also attributed the rebound to a mild improvement in liquidity in February.
"A cut in reserve requirement and fewer instances of administrative interference on banks last month sparked a mild rebound in February's data," said Wang Jianhui, chief economist of Southwest Securities. "China's economic structure is in for an adjustment this year, so liquidity will not be too tight."
He said he expected the size of total social financing this year to be comparable to last year's 12.8 trillion yuan.
Bank lending in February rose 173 billion yuan to 710.7 billion yuan, below market expectations, the central bank reiterated yesterday.
"The slower growth of loans in the first two months is due to a combination of factors from regulations, supply and demand," Ba Shusong, a senior economist at the State Council's Development Research Center, said yesterday. "Strict inspection is now in place for some sectors with strong credit demand, such as local governments, property developers and infrastructure builders."
But financing from corporate bonds rose 66.7 billion yuan from a year ago to 154.4 billion yuan in February.
Social financing, including loans, bank acceptance bills, corporate bonds and equity financing, reached 1.04 trillion yuan (US$165.1 billion) in February, up 391.2 billion yuan from a year ago, the People's Bank of China said in a statement yesterday. The combined social financing in the first two months of this year still fell 408.9 billion yuan from the same period of last year.
Besides the long Chinese New Year holiday that restricts companies' financing in January, analysts also attributed the rebound to a mild improvement in liquidity in February.
"A cut in reserve requirement and fewer instances of administrative interference on banks last month sparked a mild rebound in February's data," said Wang Jianhui, chief economist of Southwest Securities. "China's economic structure is in for an adjustment this year, so liquidity will not be too tight."
He said he expected the size of total social financing this year to be comparable to last year's 12.8 trillion yuan.
Bank lending in February rose 173 billion yuan to 710.7 billion yuan, below market expectations, the central bank reiterated yesterday.
"The slower growth of loans in the first two months is due to a combination of factors from regulations, supply and demand," Ba Shusong, a senior economist at the State Council's Development Research Center, said yesterday. "Strict inspection is now in place for some sectors with strong credit demand, such as local governments, property developers and infrastructure builders."
But financing from corporate bonds rose 66.7 billion yuan from a year ago to 154.4 billion yuan in February.
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