Daily Management Review

Volume of new bank lending in China declines in February


In February, Chinese banks issued significantly fewer new loans than a month earlier, while the authorities are still striving to support the economy.

The volume of new bank lending in China in national currency amounted to 885.8 billion yuan ($ 131.81 billion) in the last month, showed the data of the People’s Bank of China.

In January, banks issued new loans for a record amount of 3.23 trillion yuan.

Analysts polled by Reuters expected that the volume of new bank lending in February would be 975 billion yuan.

The reduction in the volume of new lending in February was expected. As a rule, Chinese banks actively issue loans at the beginning of the year in order to get better customers and gain market share, the agency said.

The aggregate M2 (cash and all deposits) grew by 8% in annual terms. Analysts had expected the figure to increase by 8.4%, as in January.

In general, the volume of outstanding loans in RMB last month increased by 13.4% in annual terms. The result coincided with the January growth rate and analysts' forecast.

The growth of aggregate financing (including bank loans, off-balance loans, placement of shares and bonds) in China slowed down to 10.1% last month from 10.4% in January.

Recall, the Chinese authorities intend to continue to support private and small companies to stimulate economic growth.

PRC State Council Premier Li Keqiang said at the opening session of the All-China People’s Assembly on March 5 that Beijing would take measures to increase bank lending to private and small firms by 30%.

source: reuters.com

Science & Technology

Financial giants and US government turn to quantum computers

Long Way To Go For Coronavirus Vaccine, Say Drgumakers

Google's subsidiary launches recognition service for photoshopped images

Unapproved Drug For Coronavirus Treatment And Testing Given By Gilead Sciences

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

World Politics

World & Politics

Germany pledges to fight right-wing extremism after Hanau shooting

Ex-head of Mexican Pemex will be transferred to Madrid prison

China Releases First Detailed Study Of Coronaviurs Attack, Finds Elderly At Most Risk

EBA Finds Alarming Compliance Results For Gender Diversity Among Banks

Record high temperature observed in Antarctica

Venezuela to initiate international litigation against USA because of sanctions

Coronavirus Death Toll 204 In China, US Asks Americans Not To Go China

Hong Kong protesters block railway to mainland