Financial News: China Bank Lending Rises More Than Expected

China Bank Lending Rises More Than Expected

07/11/2022 - 08:26:00 (RTTNews)

(RTTNews) - China bank lending grew more-than-expected in June on borrowing demand from corporates after the easing of pandemic-related restrictions, data from the People's Bank of China revealed on Monday.

Banks extended CNY 2.8 trillion in new yuan loans in June. Economists had forecast lending to rise to CNY 2.4 trillion from CNY 1.89 trillion in May.

Total social financing, a broad measure of credit and liquidity in the economy, rose to CNY 5.2 trillion from CNY 2.8 trillion, data showed.

Outstanding loans grew 11.2 percent on a yearly basis in June, following an 11.0 percent rise in May.

A further slight pick-up in credit growth last month was given a big helping hand from government bond issuance as local governments were instructed to issue their annual allocation of bonds by the end of June, Capital Economics economist Mark Williams said.

That suggests the acceleration could stall or even reverse this month, Williams noted.

The economist said there is no sign of the large-scale stimulus that some have been expecting along the lines of what was seen in 2015 or 2020.

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