Demand for credit lifts bank lending
Print Edition
Banks in China lent more than expected in September as the central bank eased monetary policies and accelerated infrastructure investment leading to demand for more credit.
New yuan loans totaled 1.05 trillion yuan (US$166 billion) last month, up 144.3 billion yuan from the same month of last year, the People鈥檚 Bank of China said in a statement yesterday.
The lending also exceeded a median estimate of 900 billion yuan in a Bloomberg News survey of economists.
M2, the broad measure of money supply, added 13.1 percent from a year earlier, 0.2 percentage points lower than a month earlier but still met economists鈥 median forecast.
鈥淭he new yuan lending has exceeded our expectations,鈥 said Qu Hongbin, chief China economist of HSBC. 鈥淏oth household and corporate loans improved from August and were higher than the average September reading for the past two years.
鈥淎 recovering home market and accelerated infrastructure investment contributed to the growth,鈥 he added.
Qu added that money supply was driven by the rising loans and effects from easing monetary policies, and the government should continue to ease monetary and fiscal policies to consolidate the still weak economic momentum.
China鈥檚 total social financing 鈥 the broadest measure of credit supply that includes loans, bank acceptance bills, corporate bonds and equity financing 鈥 rose to 1.3 trillion yuan in September from 1.08 trillion yuan in August, according to the central bank.
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