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Chinese bank lending lower than expected
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BANKS in China lent less than expected in October amid sluggish corporate demand and banks’ concerns over credit quality.
New yuan loans totaled 513.6 billion yuan (US$81 billion) last month, about half September’s figure although they were 48 billion yuan more than the same month of last year, the People’s Bank of China said in a statement yesterday.
The figure also missed expectations for 798.2 billion yuan according to a Reuters poll.
Growth of M2, the broad measure of money supply, accelerated to 13.5 percent from September’s 13.1 percent.
“Faster money supply may be the result of increasing issuance of bonds,” said Zhou Hao, senior economist at Commerzbank. “Credit data showed that commercial banks are cautious toward extending new loans. Banks are shifting their focus to the capital market, marking a transition to direct fundraising.”
China’s total social financing — the broadest measure of credit supply that includes loans, bank acceptance bills, corporate bonds and equity financing — dropped to 476.7 billion yuan in October from 1.3 trillion yuan in September, according to the central bank.
Zhou attributed the decline to fewer off-balance sheet fundraising activities by real estate developers. The weak financing figures are in line with October data pointing to a cool economic momentum.
Industrial output and fixed-asset investment grew slower from September while retail sales were generally flat, the National Bureau of Statistics said.
China’s foreign trade was also worse than expected in October as exports fell 3.6 percent year on year and imports slumped 16 percent, the General Administration of Customs said.
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