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Financial News: China's Bank Lending Rises Marginally

China's Bank Lending Rises Marginally

05/11/2018 - 08:12:00 (RTTNews)

(RTTNews) - China's bank lending increased marginally in April, data from the People's Bank of China showed Friday.

Bank extended CNY 1.18 trillion loans in April compared to CNY 1.12 trillion in March. The expected level was CNY 1.1 trillion.

Aggregate financing totaled CNY 1.56 trillion, which was above the forecast of CNY 1.35 billion.

The broad money supply M2 grew at a slower than expected pace of 8.3 percent. M2 was forecast to climb 8.5 percent.

The upshot is that the ongoing regulatory crackdown and past monetary tightening remain a drag on credit growth, Julian Evans-Pritchard, an economist at Capital Economics, said.

The economist noted that policymakers are discussing possible steps to support domestic demand and the PBoC has guided market interest rates lower since the start of the year.

However, it will take a few quarters for any loosening of monetary policy to drive a turnaround in credit growth. In the meantime, credit growth looks set to slow further, which should weigh on economic activity during the remainder of this year, the economist added.

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