New lending at Big-4 Chinese banks surges
Print Edition
NEW lending at China’s Big-Four banks surged during the last week of May, but the number of new loans overall in the country may have stayed at a normal level, analysts said.
The Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China, and the Bank of China extended combined new loans of 270 billion yuan (US$43.2 billion) in May, with more than half of the increase occurring in the last week of the month, Shanghai Securities News reported online yesterday.
Lian Ping, chief economist of the Bank of Communications, said the surge in loans near the end of the month was due to an increase in deposits at the banks, which may be linked to the growth of wealth-management products.
UBS Securities estimated the aggregate new loans in China may have totaled 680 billion yuan last month, while BoCom expected 700 billion yuan.
Lu Zhengwei, chief economist at the Industrial Bank, said new lending may rise 131 billion yuan from a year earlier to 800 billion yuan.
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