New yuan loans in June hit 25-month high
By Feng Jianmin |
July 18, 2012, Wednesday
|
Print Edition
Print Edition
BANKS in Shanghai extended the most yuan loans in 25 months in June, the Shanghai headquarters of the People's Bank of China said in a statement yesterday.
New yuan loans in Shanghai surged to 51.8 billion yuan (US$8.2 billion) last month, up 21.7 billion yuan from the same period a year earlier. It was 31.6 billion yuan more than May.
The increase was reported after the central bank said new yuan lending reached 919.8 billion yuan nationwide in June, the highest since March, as the central government's stimulus plan started to take effect.
The PBOC has cut interest rates twice since June, reducing the one-year benchmark lending rate by a combined 0.5 percentage point.
Economists said they expect China's economic growth to rebound in the third quarter.
Shanghai's new yuan lending totaled 223 billion yuan in the first six months, 2.3 billion yuan less than the same period of last year, the data showed.
The statement stressed that new long-term loans decreased "obviously" in the first half, indicating companies were reluctant to borrow due to a grim outlook.
Data released by Shanghai Customs on Monday showed the city's export and import volume increased 2.4 percent in the first half from a year earlier, lagging a national increase of 8 percent. Weak demand in Europe and the United States hurt Shanghai-based exporters.
Individual mortgages increased in June, recovering from declines in previous months of this year as the property market has shown signs of life.
New mortgages reached 2.85 billion yuan in June, 2.35 billion more than a year earlier and 700 million more than May, according to the central bank's Shanghai headquarters.
New yuan loans in Shanghai surged to 51.8 billion yuan (US$8.2 billion) last month, up 21.7 billion yuan from the same period a year earlier. It was 31.6 billion yuan more than May.
The increase was reported after the central bank said new yuan lending reached 919.8 billion yuan nationwide in June, the highest since March, as the central government's stimulus plan started to take effect.
The PBOC has cut interest rates twice since June, reducing the one-year benchmark lending rate by a combined 0.5 percentage point.
Economists said they expect China's economic growth to rebound in the third quarter.
Shanghai's new yuan lending totaled 223 billion yuan in the first six months, 2.3 billion yuan less than the same period of last year, the data showed.
The statement stressed that new long-term loans decreased "obviously" in the first half, indicating companies were reluctant to borrow due to a grim outlook.
Data released by Shanghai Customs on Monday showed the city's export and import volume increased 2.4 percent in the first half from a year earlier, lagging a national increase of 8 percent. Weak demand in Europe and the United States hurt Shanghai-based exporters.
Individual mortgages increased in June, recovering from declines in previous months of this year as the property market has shown signs of life.
New mortgages reached 2.85 billion yuan in June, 2.35 billion more than a year earlier and 700 million more than May, according to the central bank's Shanghai headquarters.
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