Key index loses 1.2% on banks' weak loan figures
By Hu Xiaocen |
May 17, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for the fourth straight day on worries China's economic slowdown is deepening as the four biggest banks posted almost no new loans in the first two weeks of May, suggesting a weakening credit demand.
The Shanghai Composite Index shed 1.2 percent to 2,346.19 points.
Shanghai Securities News said yesterday that combined net lending for the big four banks - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China - was nearly zero in the two weeks ended May 13. Two posted a slight rise in outstanding loans, while the other two saw repayments exceeding new lending, the newspaper said.
New loans at all Chinese banks fell to 681.8 billion yuan (US$107.8 billion) last month, against March's 1.01 trillion yuan, the central bank said earlier.
"A weakening credit demand indicates that the real economy is not yet recovering, but remains in a downturn," said Feng Qi, a commentator at China Business News.
ICBC, AgBank and BOC shed 0.7 percent to 4.30 yuan, 2.67 yuan and 3 yuan. CCB lost 1.7 percent to 4.51 yuan.
The Shanghai Composite Index shed 1.2 percent to 2,346.19 points.
Shanghai Securities News said yesterday that combined net lending for the big four banks - the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China - was nearly zero in the two weeks ended May 13. Two posted a slight rise in outstanding loans, while the other two saw repayments exceeding new lending, the newspaper said.
New loans at all Chinese banks fell to 681.8 billion yuan (US$107.8 billion) last month, against March's 1.01 trillion yuan, the central bank said earlier.
"A weakening credit demand indicates that the real economy is not yet recovering, but remains in a downturn," said Feng Qi, a commentator at China Business News.
ICBC, AgBank and BOC shed 0.7 percent to 4.30 yuan, 2.67 yuan and 3 yuan. CCB lost 1.7 percent to 4.51 yuan.
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