Chinese banks issued more loans in September, heeding Beijing’s call to provide more support for the country’s cooling economy, official data showed.
New yuan loans extended by banks in China stood at 2.31 trillion yuan ($316.31 billion) in September, up from CNY1.36 trillion in August, the People’s Bank of China said. But the result was lower than the CNY2.63 trillion expected by economists in a Wall Street Journal survey.
Total social financing, a broader metric for credit that also includes loans issued by non-bank financing institutions, stood at CNY4.12 trillion in September compared with CNY3.12 trillion in August.
M2, the broadest measure of money supply, rose 10.3% from a year earlier in September, down from August’s 10.6% growth and lower than the 10.7% increase expected by surveyed economists.
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