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Financial News: China's Bank Lending Exceeds Expectations

China's Bank Lending Exceeds Expectations

10/14/2020 - 06:26:00 (RTTNews)

(RTTNews) - China's bank lending grew more than expected in September as the economy started to recover from the coronavirus driven downturn, data from the People's Bank of China showed Wednesday.

Banks extended CNY 1.9 trillion new loans in September compared to CNY 1.28 trillion a month ago. Economists had forecast the lending to rise to CNY 1.65 trillion.

The broad monetary aggregate M2 advanced 10.9 percent annually versus a 10.4 percent rise seen in August.

Total social financing, a broad measure of credit and liquidity in the economy, fell to CNY 3.48 trillion from CNY 3.58 trillion in August. Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said net new lending is likely to slow in the coming months given that quantitative controls on bank lending are being tightened.

But improving sentiment is boosting the appetite for bond and equity issuance among private firms and new lending should remain strong enough to keep growth in outstanding credit rising until the turn of the year, the economists added.

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