Notizie economiche
13.08.2024

Volume of new loans in yuan rose in July less than forecast - PBoC

According to the report from the People's Bank of China (PBoC), in July, Chinese banks provided new loans in yuan in the amount of 0.260 trillion yuan. Therefore, credit growth slowed sharply compared to June (2.130 trillion yuan), despite the central government's monetary easing. Economists had expected lending to grow by 0.450 trillion yuan. New yuan loans totalled 13.53 trillion yuan for the first seven months of the year. Overall, recent data have indicated weak demand for loans as a prolonged property downturn and job insecurity negatively affects business and consumer confidence. However, restricted credit growth is typical in the month of July, a period when banks aren't in a rush to meet their quarterly lending targets.

Meanwhile, total social financing grew by 0.770 trillion yuan, compared with an increase of 3.3 trillion yuan in June. Consensus estimates suggested an increase of 1.1 trillion yuan

The PBoC said that in July, M2, the widest measure of money supply, rose by 6.3% per year, slightly accelerating compared to June (+6.2%). Economists had expected growth of 6.1%. Outstanding loans in yuan rose by 8.7% per year after an increase of 8.8% per annum in June (revised from +8.1% per annum). Consensus estimates suggested an increase of 8.8% per annum.

Guarda anche