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Financial News: China's Bank Lending Falls In October

China's Bank Lending Falls In October

11/13/2017 - 04:31:00 (RTTNews)

(RTTNews) - China's bank lending declined more-than-expected in October, data from the People's Bank of China showed Monday.

New yuan loans fell to CNY 663.2 billion in October. Lending was forecast to decrease to CNY 783 billion from September's CNY 1.27 trillion.

Aggregate financing totaled CNY 1.04 trillion in October compared to CNY 1.82 trillion a month ago.

Data showed that the broad M2 money supply climbed 8.8 percent year-on-year in October, slower than the expected growth of 9.2 percent.

The upshot is that tighter monetary conditions have driven a meaningful slowdown in credit growth in recent quarters and the economy is set to feel the negative effects of this before long, Julian Evans-Pritchard, an economist at Capital Economics, said.

As such, the PBoC is likely to refrain from pushing up market rates much further despite the official rhetoric on deleveraging. If anything, monetary conditions are more likely to be loosened rather than tightened during the coming year, the economist added.

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