Daily Management Review

Volume of new bank lending in China declines in February


03/11/2019


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



pexels
pexels
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

Tech giants face stricter government regulation in the US

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”