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Financial News: China's Bank Lending At Record High

China's Bank Lending At Record High

02/12/2018 - 05:57:00 (RTTNews)

(RTTNews) - China's banks lent a record amount of new yuan loans in January, data from the People's Bank of China showed Monday.

New yuan loans increased to CNY 2.9 trillion in January from about CNY 584 billion in December. Lending was expected to rise to CNY 2 trillion.

Similarly, total social financing came in at CNY 3.06 trillion versus CNY 1.14 trillion a month ago.

Broad money supply M2, grew 8.6 percent annually. The rate was expected to remain unchanged at 8.2 percent.

Julian Evans-Pritchard, an economist at Capital Economics, said China logs record lending at the start of almost every year. The more important story is that broader credit growth has fallen to a new multi-year low.

Policymakers have argued that the economy should hold up well this year despite slower credit creation. But the China Activity Proxy of Capital Economics suggests that growth has already started to suffer due to reduced policy support, the economist noted.

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