Banks lend surprisingly more in November
Print Edition
CHINESE banks lent more than expected in November amid speculation that the central bank has decided to allow banks to lend more to boost the economy.
The banks’ new yuan loans totaled 852.7 billion yuan (US$137.8 billion) in November, up 228.1 billion yuan from the same month of last year, the People’s Bank of China said in a statement yesterday.
The loans were also above analysts’ hopes for 650 billion yuan, a Reuters poll said.
The PBOC said in the same online statement that China’s broad M2 money supply jumped 12.3 percent in November from a year ago, 0.3 percentage points slower than October and slightly less than expected.
The surprisingly higher lending last month indicated that monetary policies may remain accommodating as the PBOC has encouraged banks to expand lending, said China Securities Co analyst Wang Yang.
“We also notice an increase in bill financing, probably because banks are answering to the central bank’s call for easier credit,” Wang said.
There were market rumors that the PBOC has revised upward this year’s bank lending plan to 10 trillion yuan so that bank lending in December could still surpass 900 billion yuan.
Wang said the PBOC may cut reserve requirement ratio for banks this year, freeing up capital for lending, as the high-level Central Economic Work Conference meeting has decided that a stable economic growth remain a top priority for 2015.
Yesterday’s data also showed that total social financing, the broadest measure of credit supply, including loans, bank acceptance bills, corporate bonds and equity financing, totaled 1.15 trillion yuan last month, up sharply from October’s 662.7 billion yuan.
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