Financial News: China Bank Lending Rises Moderately

China Bank Lending Rises Moderately

01/14/2025 - 07:52:00 (RTTNews)

(RTTNews) - China's bank lending increased moderately in the whole year of 2024, data from the People's Bank of China showed on Tuesday.

The yuan-denominated loans increased by CNY 18.09 trillion in 2024. At the end of December, the local currency loans totaled CNY 255.68 trillion, up 7.6 percent.

At the same time, foreign currency loans declined 17.4 percent on year to $542.2 billion.

The balance of domestic and foreign currency loans was CNY 259.58 trillion, up 7.2 percent annually, the PBoC said.

Data showed that aggregate financing increased to CNY 32.26 trillion in 2024 but below the CNY 35.59 trillion registered in 2023.

Although the broad credit growth rebounded last month, but bank loan growth continued to hit record lows, economists at Capital Economics said.

Economists expect robust government bond issuance to continue supporting credit growth over the coming quarters. But weak private demand is likely to keep credit growth subdued in the foreseeable future, they added.

The M2, a broad measure of money supply expanded 7.3 percent at the end of December. The rate came in line with expectations. Meanwhile, the M1 decreased 1.4 percent.

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