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    QINGDAO TODAY
    在线翻译:
    szdaily -> Business -> 
    New bank loans fall, policy support still on track
        2019-03-11  08:53    Shenzhen Daily

    NEW bank loans in China fell sharply in February from a record the previous month, but the drop was likely due to seasonal factors, while policymakers continue to press to help cash-strapped companies stay afloat.

    Chinese banks made 885.8 billion (US$128.38 billion) yuan in net new yuan loans in February, according to data released by the People’s Bank of China yesterday.

    That was down sharply from a record 3.23 trillion yuan in January, when several other key credit gauges also picked up modestly in response to the central bank’s policy easing.

    But February’s tally was still 5.5 percent higher than 839.3 billion yuan a year earlier.

    Analysts polled previously had predicted new yuan loans of 975 billion yuan in February.

    A pull-back in February’s tally had been widely expected as Chinese banks tend to front-load loans at the beginning of the year to get higher-quality customers and win market share.

    Broad M2 money supply grew 8 percent in February from a year earlier, missing forecasts, the central bank data showed. Analysts had expected a 8.4-percent rise in M2 — unchanged from January.

    Outstanding yuan loans grew 13.4 percent from a year earlier, matching expectations and unchanged from January’s rise.

    China’s central bank is widely expected to ease policy further this year to spur lending and lower borrowing costs, especially for small and private firms vital for growth and job creation.

    But policymakers have repeatedly vowed not to open the credit floodgates in an economy already saddled with debt — a legacy of massive stimulus during the global financial crisis in 2008-09 and subsequent downturns.

    Corporate bond defaults hit a record last year, while banks’ nonperforming loan ratio notched a 10-year high.

    Premier Li Keqiang said Tuesday that the government will step up targeted cuts in the reserve requirement ratio (RRR) for smaller and medium-sized banks with an aim to boost lending to small companies by large banks by more than 30 percent.

    He also said monetary policy would be “neither too tight nor too loose.” Li also pledged to push for market-based reforms to lower real interest rates.

    The central bank has already cut RRR — the amount that banks need to set aside as reserves — five times over the past year, most recently in January. Further cuts are widely expected.

    Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, slowed to 10.1 percent in February from January’s 10.4 percent, versus a record low of 9.8 percent in December.

    TSF growth is a rough gauge of credit conditions.

    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 sales.

    In February, TSF fell to 703 billion yuan from 4.64 trillion yuan in January.(SD-Agencies)

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    Shenzhen Daily E-mail:[email protected]

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