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Pol-China’s February new yuan loans see decline from record high

BusinessMarketsPol-China's February new yuan loans see decline from record high
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Thursday’s poll repeats for more customers

Reuters: //realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=CNMSM2%3DECI money supply poll data

Reuters: //realtime/verb=Open/url=cpurl://apps.cp./Apps/econ-polls?RIC=CNNYL%3DECI new credit survey data

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January saw new loans at 1.50 trillion yuan versus 4.90 trillion yuan

Money supply growth clocked at 12.5% ​​y/y vs 12.6% in January

February TSF clocked at 2.20 trillion yuan versus 5.98 trillion yuan in January

Debt Due March 10-15, Money Supply Data

BEIJING, March 9 (Reuters). , China’s new yuan lending is expected to fall in February from a record high in January, partly due to seasonal factors, a Reuters poll showed, as the central bank keeps policy accommodative to support the slowing economy.

Chinese banks issued 1.50 trillion yuan ($215 billion) in net new yuan loans last month, down sharply from 4.90 trillion yuan in January, according to the average estimate in a survey of 25 economists.

The expected new loans will still exceed the 1.23 trillion yuan issued in the same month of 2022.

A pull-back is widely expected in January to February, as Chinese banks push loans earlier in the year to acquire higher-quality customers and gain market share.

Also, the central bank has asked some banks slow down lending To contain risks after January’s volume set a record, three bankers told Reuters last month. Banks were told to control the scale of new loans made in February.

China has set a modest target for economic growth of around 5% this year after only 3% last year, its worst performance in decades.

The world’s second-largest economy has seen a temporary recovery from the COVID-19 disruption as it faces weak overseas demand and a collapse in domestic wealth.

Central bank officials said last week that it would adjust monetary policy A cut in reserve requirements of banks to release longer-term liquidity in a timely and appropriate manner will still be an effective tool to support the economy.

China has pledged to keep money supply and overall social finance growth basically in line with modest economic growth this year.

Outstanding yuan debt at the end of February was 11.4% more likely than a year earlier, the survey showed. The stock of outstanding loans at the end of January rose 11.3% from a year earlier.

The broad M2 money supply at the end of February looked 12.5% ​​higher than at the same point in 2022, while the annual increase at the end of January stood at 12.6%.

China has set a 2023 quota for issuing local government special bonds at 3.80 trillion yuan, up from 3.65 trillion yuan last year.

Any spurt in government bond issuance could help boost total social financing (TSF), a broad measure of credit and liquidity. Outstanding TSF was 9.4% higher at the end of January than a year earlier, growing at a slower rate than the 9.6% annual rate seen at the end of December.

In February, TSF is expected to fall to 2.20 trillion yuan from 5.98 trillion yuan in January.

($1 = 6.9693 Chinese Yuan Renminbi)

(Reporting by Judy Hua and Kevin Yao; Editing by Bradley Perret)

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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