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, 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 에그벳주소 slightly higher than nominal GDP grow
/>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 Mar
/>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 sa
/>"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 no
/>"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 month
/>Outstanding yuan loans grew 13.1% from a year earlier compared with 12.7% growth in March. Analysts had expected 12.9% grow
/>Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, quickened to 12% in April from a year earlier and from 11.5% in Mar
/>TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sal
/>In April, TSF fell to 3.09 trillion yuan from 5.15 trillion yuan in March. Analysts polled by Reuters had expected April TSF of 2.65 trillion yu
/>(Reporting by Judy Hua and Kevin Yao; Editing by Simon Cameron-Moore)
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, 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 에그벳주소 slightly higher than nominal GDP grow
/>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 Mar
/>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 sa
/>"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 no
/>"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 month
/>Outstanding yuan loans grew 13.1% from a year earlier compared with 12.7% growth in March. Analysts had expected 12.9% grow
/>Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, quickened to 12% in April from a year earlier and from 11.5% in Mar
/>TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sal
/>In April, TSF fell to 3.09 trillion yuan from 5.15 trillion yuan in March. Analysts polled by Reuters had expected April TSF of 2.65 trillion yu
/>(Reporting by Judy Hua and Kevin Yao; Editing by Simon Cameron-Moore)