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Financial News: China's Bank Lending Falls In December

China's Bank Lending Falls In December

01/12/2018 - 05:16:00 (RTTNews)

(RTTNews) - China's bank lending declined in December on measures taken by the government to curb credit growth, data from the People's Bank of China showed Friday.

Banks extended CNY 584.4 billion loans in December compared to CNY 1.12 trillion in November. Lending was forecast to fall to CNY 1 trillion.

Total social financing, a broad measure of credit and liquidity, came in at CNY 1.14 trillion versus CNY 1.6 trillion a month ago.

The M2, a broad measure of money supply, increased 8.2 percent on a yearly basis, slower than the expected growth of 9.2 percent.

"The upshot is that there are few signs that the impact of tighter monetary conditions on lending growth is abating," Julian Evans-Pritchard, an economist at Capital Economics, said.

The economist expects further weakness in the months ahead, which will eventually trigger monetary easing by the People's Bank of China.

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