New bank lending in China almost doubled in August

The volume of new local currency bank lending in China nearly doubled in August to 1.25 trillion yuan ($181 billion) from 679 billion yuan in July, according to data from the People’s Bank of China (PBOC, the country’s central bank).

Experts expected even more significant growth – up to 1.48 trillion yuan, notes Trading Economics. In August last year, the figure was 1.22 trillion yuan.

Total financing (including bank loans, off-balance sheet loans, and placement of stocks and bonds) increased to 2.43 trillion yuan last month from 756 billion yuan in July. Analysts had forecast growth to 2.08 trillion yuan.

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The total volume of outstanding bank loans in Chinese national currency at the end of August was 10.9% more than a year earlier.

The money supply M2 (cash and all deposits) grew by 12.2% year-on-year last month. Experts expected an increase of 12.1%, in July the figure increased by 12%.

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