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April credit soars to 774b yuan
By Zhang Fengming |
May 11, 2010, Tuesday
|
Online Edition
Online Edition
THE issuing of new credit in China rose in April as lenders added liquidity supply, the central bank said today.
Banks in China extended 774 billion yuan (US$113 billion) of local-currency loans last month, compared with March new credit of 511 billion yuan, the People's Bank of China said yesterday on its Website.
It rose compared with the median market forecast of 585 billion yuan made by a Bloomberg News survey of 24 economists.
China's new credit issuance fell in February and March this year.
The growth of M2, the broadest measure of money supply, slowed down to 21.5 percent in April from March's 22.5 percent, the central bank said.
China has targeted a money supply growth of 17 percent this year and a whole-year new credit of 7.5 trillion yuan.
China's official monetary stance is still "appropriately loose" but tightening moves have already been rolled out to cool off red-hot home market and to avoid over-heating.
Banks in China issued a record 9.6 trillion yuan of new credit in 2009 amid a stimulus package against the global financial crisis.
Banks in China extended 774 billion yuan (US$113 billion) of local-currency loans last month, compared with March new credit of 511 billion yuan, the People's Bank of China said yesterday on its Website.
It rose compared with the median market forecast of 585 billion yuan made by a Bloomberg News survey of 24 economists.
China's new credit issuance fell in February and March this year.
The growth of M2, the broadest measure of money supply, slowed down to 21.5 percent in April from March's 22.5 percent, the central bank said.
China has targeted a money supply growth of 17 percent this year and a whole-year new credit of 7.5 trillion yuan.
China's official monetary stance is still "appropriately loose" but tightening moves have already been rolled out to cool off red-hot home market and to avoid over-heating.
Banks in China issued a record 9.6 trillion yuan of new credit in 2009 amid a stimulus package against the global financial crisis.
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