China Jan new bank loans hit record, more policy support seen
BEIJING - New bank loans in China rose more than expected to a record high in January, as authorities step up support for an economy hit by trade tensions and facing a new threat from a fast-spreading coronavirus outbreak.
Banks extended a record 3.34 trillion yuan in new yuan loans in January, up from 1.14 trillion yuan in December and exceeding analyst expectations, according to data released by the People’s Bank of China on Thursday. Chinese regulators have been trying to boost bank lending and lower financing costs for over a year, especially for smaller and private companies which generate a sizeable share of the country’s economic growth and jobs.
Broad M2 money supply in January grew 8.4% from a year earlier, central bank data showed on Thursday, below estimates of 8.6% forecast in the Reuters poll. It rose 8.7% in December.
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