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QINGDAO TODAY
在线翻译:
szdaily -> Business -> 
New bank loans beat expectations
    2019-10-17  08:53    Shenzhen Daily

BANKS in China extended more new yuan loans than expected in September, as policymakers ramped up support to stabilize the slowing economy during a trade dispute with the United States.

Chinese banks extended 1.69 trillion yuan (US$238.98 billion) in new loans in September, up from August and exceeding analyst expectations, data released by the People’s Bank of China (PBOC) showed Tuesday.

Analysts polled previously had predicted new yuan loans would rise to 1.4 trillion yuan in September, up from 1.21 trillion yuan in August but largely in line with the tally in September last year.

Banks have boosted lending for the real economy, underscored by a pickup in medium and long-term corporate loans, Ruan Jianhong, head of statistics at the PBOC, told reporters. She added that property loans have been slowing.

Corporate loans jumped to 1.01 trillion yuan in September from 651.3 billion yuan in August. Household loans, mostly mortgages, rose to 755 billion yuan last month from 653.8 billion yuan in August, central bank data showed.

Sun Guofeng, head of the central bank’s monetary policy department, told the same briefing that the central bank will rely on reforms to improve policy-transmission mechanisms and help lower borrowing costs.

Sun also said the central bank should manage inflation expectations, although there is no basis for continued inflation and deflation.

Broad M2 money supply in September grew 8.4 percent from a year earlier, above the 8.2 percent forecast in the previous poll, which was unchanged from August.

Outstanding yuan loans grew 12.5 percent from a year earlier, quicker than August’s 12.4 percent. Analysts had expected a 12.3 percent growth.

Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, rose 10.8 percent in September from a year earlier.(SD-Agencies)

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