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Financial News: China's Bank Lending Declines In October

China's Bank Lending Declines In October

11/11/2020 - 05:13:00 (RTTNews)

(RTTNews) - China's bank lending decreased in October after rising in the previous two months, data from the People's Bank of China showed Wednesday.

Banks provided CNY 689.8 billion in new loans in October versus CNY 1.89 billion in September.

Total social financing, a broad measure of credit and liquidity in the economy, fell to CNY 1.42 trillion from CNY 3.48 trillion in September.

At the same time, the broad M2 money supply, logged a double-digit annual growth of 10.5 percent at the end of October, slower than the 10.9 percent increase seen in September.

Broad credit growth hit its highest level in nearly three years as faster growth in direct financing and shadow credit more than offset slower bank lending, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

This acceleration is likely to continue until the turn of the year, providing an ongoing tailwind to the economic rebound, the economist added.

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