BEIJING, May 11 (Reuters) - New bank lending in China fell less than expected in April from the previous month while growth of broad money supply quickened, as the central bank ramped up policy support for the coronavirus-ravaged economy.
Chinese banks extended 1.7 trillion yuan ($240.05 billion) in new local-currency loans in April, down from 2.85 trillion yuan in March but exceeding expectations, according to data released by the People's Bank of China on Monday.
Analysts polled by Reuters had predicted new yuan loans would fall to 1.40 trillion yuan in April. The new loans were higher than 1.02 trillion yuan a year earlier.
Household loans, mostly mortgages, 에그벳카지노 fell to 666.9 billion yuan in April from 989.1 billion yuan in March, while corporate loans fell to 956.3 billion yuan from 2.05 trillion yuan.
The PBOC has already rolled out a raft of easing steps since early February, including cuts in reserve requirements and lending rates and targeted lending support for virus-hit firms.
The first-quarter monetary policy implementation report from the People's Bank of China (PBOC) published on Sunday dropped a vow to refrain from "flood-like" stimulus, suggesting authorities were keen to jump start an economy grappling with its biggest slump in decades.
The report said the central bank will keep growth of M2 and social financing in line with and slightly higher than nominal GDP growth.
Broad M2 money supply in April grew 11.1% from a year earlier, central bank data showed, above the 10.2% forecast in the Reuters poll. It rose 10.1% in March.
The net new lending figures are highly seasonal, so it makes sense to focus on the year-on-year change in the outstanding amounts to gauge the underlying trend, analysts said.
"After the persistent slowdown in credit growth in recent years, the latest pick-up is a reminder that the PBOC is still capable of engineering faster lending when it wants to," Julian Evans-Pritchard at Capital Economics said in a note.
"The PBOC´s latest monetary policy report, published over the weekend, suggests that further easing measures are in the pipeline and that credit growth will probably continue to accelerate in the coming months."
Outstanding yuan loans grew 13.1% from a year earl
China April new bank loans fall less than expected, money supply...
by Celsa Houchins (2023-10-16)
Chinese banks extended 1.7 trillion yuan ($240.05 billion) in new local-currency loans in April, down from 2.85 trillion yuan in March but exceeding expectations, according to data released by the People's Bank of China on Monday.
Analysts polled by Reuters had predicted new yuan loans would fall to 1.40 trillion yuan in April. The new loans were higher than 1.02 trillion yuan a year earlier.
Household loans, mostly mortgages, 에그벳카지노 fell to 666.9 billion yuan in April from 989.1 billion yuan in March, while corporate loans fell to 956.3 billion yuan from 2.05 trillion yuan.
The PBOC has already rolled out a raft of easing steps since early February, including cuts in reserve requirements and lending rates and targeted lending support for virus-hit firms.
The first-quarter monetary policy implementation report from the People's Bank of China (PBOC) published on Sunday dropped a vow to refrain from "flood-like" stimulus, suggesting authorities were keen to jump start an economy grappling with its biggest slump in decades.
The report said the central bank will keep growth of M2 and social financing in line with and slightly higher than nominal GDP growth.
Broad M2 money supply in April grew 11.1% from a year earlier, central bank data showed, above the 10.2% forecast in the Reuters poll. It rose 10.1% in March.
The net new lending figures are highly seasonal, so it makes sense to focus on the year-on-year change in the outstanding amounts to gauge the underlying trend, analysts said.
"After the persistent slowdown in credit growth in recent years, the latest pick-up is a reminder that the PBOC is still capable of engineering faster lending when it wants to," Julian Evans-Pritchard at Capital Economics said in a note.
"The PBOC´s latest monetary policy report, published over the weekend, suggests that further easing measures are in the pipeline and that credit growth will probably continue to accelerate in the coming months."
Outstanding yuan loans grew 13.1% from a year earl