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14.06.2024 15:36:19

China Bank Lending Rises Less Than Expected

(RTTNews) - China's bank lending increased less than expected in May as credit demand remained weak amid property market crisis, official data revealed on Friday. New yuan loans increased to CNY 950 billion in May from CNY 730 billion in April. This was well below the expected level of CNY 2.25 trillion.

During January to May, yuan-denominated loans rose by CNY 11.14 trillion, the People's Bank of China said.

At the end of May, the M2, a broad measure of money supply posted an annual growth of 7.0 percent. At the same time, the narrow measure M1 dropped 4.2 percent.

Economists at Capital Economics said government bond issuance should continue to be strong in the near-term. Although the PBoC is unlikely to cut policy rates next week, the bank will probably keep monetary conditions loose.

Taken together, economists said these factors should drive a moderate pick-up in credit growth in the near term.

"But unless the property sector turns around, the pick-up won't last for more than a few months," they said. Early signs are that the property rescue package is not having much impact, they observed.

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