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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
June new loans dip
    2019-07-08  08:53    Shenzhen Daily

BANKS in China extended less in new yuan loans in June, according to a media calculation based on official data, but regulators assured that credit needs of the broader economy were met.

Banks lent out more than 9 trillion yuan (US$1.31 trillion) in new local-currency loans in the first half of the year, according to Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC).

That meant banks doled out more than 990 billion yuan in new loans in June, according to calculations, down from May.

Chinese banks extended 1.18 trillion yuan in net new yuan loans in May, bringing total new loans in the first five months to 8.01 trillion yuan, data released by the People’s Bank of China showed.

The central bank is due to issue June lending data later this month.

The banking regulator did not give any reasons for the monthly drop in loans, but emphasized the government’s push to support the financing needs of the real economy.

“We fully mobilized the bank credit, equity and insurance capital to ensure the financing needs of the real economy in the first half of 2019,” said Zhou. “In particular, we met with the funding needs of manufacturing and consumers wanting to upgrade.”

Another regulatory official, Yang Liping, said outstanding loans to manufacturers had reached 17.53 trillion yuan by end-March, and China would keep guiding banks to make long-term loans to manufacturers and enhance services for such firms.

China has ample weapons to prevent financial risks, Zhou said, addressing concerns about debt contagion after markets were jolted recently by the government’s takeover of Baoshang Bank due to credit risks.

When asked about the impact of Baoshang’s troubles on the financing front, Xiao Yuanqi, CBIRC’s chief risk management officer said the bank’s business operations were back to normal.(SD-Agencies)

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