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Financial News: China's Bank Lending Exceeds Expectations In February

China's Bank Lending Exceeds Expectations In February

03/10/2021 - 05:49:00 (RTTNews)

(RTTNews) - China's bank lending exceeded economists' expectations in February, data from the People's Bank of China revealed on Wednesday.

Banks extended CNY 1.36 trillion in local currency loans in February, well above economists' forecast of CNY 950 billion. However, lending declined from a record CNY 3.58 trillion in January.

Total social financing totaled CNY 1.71 trillion compared to CNY 5.17 trillion in the previous month.

Broad money supply M2 growth improved to 10.1 percent from 9.4 percent in the previous month.

"Looking ahead, we suspect that the latest uptick in lending is just a blip and that broad credit growth will resume its downward trajectory before long," Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

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