Banks lend more as firms begin to recover
Print Edition
BANKS in China lent more than expected in February as companies started to show signs of a recovery.
A total of 1.17 trillion yuan (US$169 billion) in new yuan loans were extended last month, beating market expectations of 950 million yuan according to a Bloomberg News poll. Although the amount was 910 million yuan less than in January, it was 439.1 billion yuan more than a year ago.
Total social financing, the broadest measure of credit supply that includes loans, bank acceptance bills, corporate bonds and equity financing, fell to 1.15 trillion yuan from a record 3.74 trillion yuan in January, the People’s Bank of China said yesterday.
The amount also missed market expectations of 1.45 trillion yuan.
M2, a measure of money supply, rose 11.1 percent year on year, slightly slower than January’s 11.3 percent.
“New yuan loans were larger than expected, reflecting strong demand for credit,” Guotai Junan Securities said in a note, adding that there was rapid growth in medium and long-term loans to companies.
The credit data suggested the economy is growing steadily and companies are keener to invest, the brokerage said.
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