China March new loans surge to $405 billion as coronavirus stimulus kicks in
FILE PHOTO: Chinese Yuan banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/Illustration
New loans in March far exceeded market expectations of 1.8 trillion yuan and were three times more than February’s 905.7 billion yuan. That nudged bank lending in the first quarter to a record 7.1 trillion yuan, beating a previous peak of 5.81 trillion yuan in the first quarter of 2019, data from the People’s Bank of China showed on Friday.
“March data demonstrated the government has been quietly loosening policy more than what it may appear by looking at the magnitude of rate and RRR cuts,” Goldman Sachs said in a research note, adding that it reflected a preference for policy flexibility amid uncertainties from the pandemic.Household loans, mostly mortgages, rebounded sharply to 989.1 billion yuan in March from a net decline of 413.3 billion yuan in February, Reuters calculated from central bank data.
Policy sources have told Reuters the central bank will continue to ramp up its policy easing to support the economy but debt worries and property risks will prevent it from following the U.S. Federal Reserve’s steep rate cuts or quantitative easing moves. Broad M2 money supply in March grew 10.1% from a year earlier, higher than 8.8% forecast in the Reuters poll and 8.8% in February, central bank data also showed.
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