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New loans surge in final week of May, report says
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NEW lending at China’s four biggest banks surged during the last week of May, although overall new loans in the country may have remained at normal levels, analysts said.
Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China said their combined new loans soared to 270 billion yuan (US$43.8 billion) in May with more than half of the loans issued in the final week of the month, Shanghai Securities New reported online today.
Lian Ping, chief economist of Bank of Communications, said the surge near the month end was mainly due to an increase in deposits at the banks, which may be related to the growth of wealth management products.
Aggregate new loans in China may have amounted to 680 billion yuan last month, UBS Securities projected, while BoCom forecast it at 700 billion yuan.
Lu Zhengwei, chief economist at Industrial Bank, said new lending could have risen 131 billion yuan from a year earlier to 800 billion yuan, given the economic slowdown.
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