China’s bank lending hits record in January
Print Edition
China’s bank lending hit a record high in January and beat market expectations due to new loan quotas and rebound in corporate demand, the People’s Bank of China said yesterday.
Chinese banks lent 2.51 trillion yuan (US$385 billion) last month, up 1.04 trillion yuan from a year earlier, the central bank said in a statement.
Market expectations had been for 1.8 trillion yuan according to a Reuters poll.
Analysts attributed the surge to fresh lending quotas that banks get at the start of the year and improved investment demand.
“Banks usually extend mortgages at the beginning of the year,” Min Sheng Securities said in a note yesterday. “Mid- and long-term lending amounted to more than 1 trillion yuan of the new loans ... Some companies are also shifting their US dollar loans to yuan loans to lower foreign exchange risks.”
Data showed that mid- and long-term loans to households surged 45 percent in January from the same month a year ago while such loans to companies jumped 73 percent.
Total social financing — the broadest measure of credit supply that includes loans, bank acceptance bills, corporate bonds and equity financing — nearly doubled to 3.42 trillion yuan in January from 1.82 trillion yuan in December.
Financing through bonds is more attractive due to lower interest, and financing through the stock market also rose to tap several initial public offerings and private placements.
The broad M2 money supply in January rose 14 percent year on year, the fastest in 19 months, beating hopes of 13.4 percent and December’s 13.3 percent.
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