Chinese banks lend US$109.8b in new loans while M2 climbs
Print Edition
CHINESE banks extended a larger-than-expected 708.9 billion yuan (US$109.8 billion) of new loans in November, while growth in money supply rose, the first bright spots in a raft of disappointing economic data for the month.
Economists polled by Reuters had forecast new bank lending in November would rise to 700 billion yuan from 513.6 billion in net new yuan loans in October.
Broad money supply (M2) in November rose 13.7 percent annually, up from October’s 13.5 percent. Economists had predicted 13.4 percent growth.
Outstanding loans rose by 14.9 percent from a year ago, below expectations of 15.3 percent and October’s 15.4 percent.
Other data earlier this week showed downward pressure on the world’s second-largest economy is persisting, dashing hopes of some watchers that activity would finally begin to stabilize in the fourth quarter in response to a year-long flurry of stimulus measures.
November exports fell for a fifth straight month and imports shed for the 13th month straight, while weak consumer and producer prices raised concerns that the economy could be sucked into a Japan-style deflationary trap.
Activity data for November, including industrial output, investment and retail sales, are due to be released today.
Total social financing, a broader measure of net new credit, rose to 1.02 trillion yuan in November from 476.7 billion yuan in October.
Credit demand has softened in China along with the economy, while bad loans are on the increase. Many companies, especially in heavy industry, are saddled with overcapacity and are in no mood to shoulder new debt.
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