Main­land bank lend­ing in­creases in March: cen­tral bank

The China Post - - INTERNATIONAL -

Main­land China’s bank lend­ing rose in March from the pre­vi­ous month, the cen­tral bank said Tues­day, though broader credit growth de­clined as the world’s sec­ond­largest econ­omy ex­pands at its slow­est pace in nearly a quar­ter of a cen­tury.

Do­mes­tic banks ex­tended new loans of 1.18 tril­lion yuan (US$190 bil­lion), the Peo­ple’s Bank of China (PBOC) said in a state­ment, up from 1.02 tril­lion yuan in Fe­bru­ary.

But to­tal so­cial fi­nanc­ing — a broader mea­sure of credit in the econ­omy — to­taled 1.18 tril­lion yuan for March, the cen­tral bank said, down from the pre­vi­ous month’s 1.35 tril­lion yuan.

The me­dian fore­cast in a sur­vey of econ­o­mists by Bloomberg News was for a to­tal of 1.5 tril­lion yuan.

China’s gross do­mes­tic prod­uct (GDP) ex­panded 7.4 per­cent in 2014, the slow­est pace in 24 years, and last month the gov­ern­ment cut the an­nual growth tar­get to “ap­prox­i­mately 7 per­cent”.

The Chi­nese gov­ern­ment re­leases GDP fig­ures for Jan­uaryMarch on Wed­nes­day. The me­dian fore­cast in an AFP sur­vey of 15 econ­o­mists was for the econ­omy to have grown 6.9 per­cent year-onyear.

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