China Bank Lending Growth Misses Expectations
12 Dicembre 2022 - 09:44AM
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China's bank lending increased less than expected in November
despite efforts of the central bank to prop up credit and support
economic growth, official data revealed Monday.
Banks extended CNY 1.21 trillion in new yuan loans in November,
figures from the People's Bank of China showed. This was weaker
than economists' forecast of CNY 1.4 trillion but it improved from
CNY 615.2 billion in October.
M2 money supply expanded at a faster pace of 12.4 percent from
the last year, faster than the 11.7 percent rise expected by
economists.
Total social financing, a broad measure of credit and liquidity
in the economy, increased to CNY 1.99 trillion. Still, this was
below economists' forecast of CNY 2.1 trillion.
Data provides a clear sign that monetary easing has failed to
gain traction due to virus disruption and waning confidence among
households and firms, Capital Economics' economist Julian
Evans-Pritchard, said. The economist expects the leadership to
signal plans for strong policy easing at the Central Economic Work
Conference this week, and there is a chance that the central bank
will lower its Medium-term lending facility rate on Thursday.
"Nonetheless, a substantial rebound in credit growth seems
unlikely until the bumpy transition to living with the virus has
run its course," the economist added.
Last month, the PBoC had kept the rate on the medium-term
lending facility, which acts as a guide to the loan prime rate,
unchanged at 2.75 percent.
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