China new bank loans in Jan hit record high on policy support By...

China new bank loans in Jan hit record high on policy support
By Judy Hua and Kevin Yao
February 12, 202410:50 AM GMT+11Updated 2 hours ago

https://www.reuters.com/world/china...ns-hit-record-high-policy-support-2024-02-09/

• Jan new loans 4.92 trln yuan vs f'cast 4.50 trln yuan
• Jan M2 money supply +8.7% y/y, vs f'cast of +9.3%
• Jan TSF 6.5 trln yuan, vs f'cast 5.55 trln yuan
• C.bank pledges to keep up support for economy

BEIJING, Feb 9 (Reuters) - New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moved to shore up the sputtering economy, reinforcing expectations for more stimulus in the coming months.
Policymakers have pledged to roll out further measures to support the weaker-than-expected post-COVID recovery in the world's second-largest economy, amid a deep property crisis and prolonged stock market rout.

Chinese lenders tend to front-load loans at the beginning of the year to get higher-quality customers and win market share.
Banks extended 4.92 trillion yuan ($683.7 billion) in new yuan loans in January, hitting a record high, up sharply from December and beating analysts' expectations, data from the People's Bank of China (PBOC) showed on Friday.
January lending more than quadrupled from December's 1.17 trillion and exceeded the previous record of 4.9 trillion yuan in the same month a year earlier.