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Financial News: China Bank Lending Unexpectedly Rises In December

China Bank Lending Unexpectedly Rises In December

01/10/2023 - 07:26:00 (RTTNews)

(RTTNews) - China's bank lending unexpectedly increased in December, data published by the People's Bank of China revealed on Tuesday.

Banks extended CNY 1.4 trillion in new loans in December compared to CNY 1.21 trillion in the previous month. Lending was forecast to fall to CNY 1.1 trillion.

Total social financing, a broad measure of credit and liquidity in the economy, totaled CNY 1.31 trillion, which was higher than the expected level of CNY 1.6 trillion.

The worst of virus disruption has probably already passed, Capital Economics' economist Zichun Huang, said.

The economist noted that the shift toward living with COVID and policy measures to support developers should underpin a recovery in consumer and business sentiment and the property market, boosting appetite for borrowing.

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