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.
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%.