China's new bank lending fell more than expected from a record high, despite efforts to boost economic growth and fight deflationary pressures.
Chinese national flags flutter at Tian'anmen Square ahead of the annual two sessions on Feb. 29, 2024 in Beijing, China. New bank lending in China fell more than expected in February from a record high the previous month, even as the central bank seeks to spur sluggish economic growth and fight deflationary pressures.
A pull-back in February from January was widely expected, because Chinese banks tend to front-load loans at the beginning of the year to get high-quality customers and win market share. "Aggregate financing and new loans came in weaker than expected amid limited high-quality borrowing demand, showing the limited immediate impact of February's cut in the required reserve ratio," analysts at ING said in a note.
Broad M2 money supply grew 8.7% from a year earlier, below estimates of 8.8% forecast in the Reuters poll but in line with January's pace. China has set the 2024 quota for local government special bond issuance at 3.9 trillion yuan, up from 3.8 trillion yuan last year. China also plans to issue 1 trillion yuan in special ultra-long term treasury bonds to support some key sectors.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly Horoscope: February 18 - February 24See what this weekly horoscope has in store for you, including the start of Pisces season bringing big feelings.
Read more »
China's Caixin Services PMI unexpectedly drops to 52.5 in February vs. 52.9 expectedChina's Services Purchasing Managers' Index (PMI) unexpectedly fell to 52.5 in February, as against the January reading of 52.7, the latest data published by Caixin showed on Tuesday.
Read more »
China’s Trade Balance: Surplus widens more than expected in February amid a surge in exportsChina's Trade Balance for February, in Chinese Yuan terms, came in at CNY 890.8 billion, widening from the previous figure of CNY540.90 billion.
Read more »
China’s CPI inflation rises by 0.7% YoY in February vs. 0.3% expectedChina’s inflation, as measured by the Consumer Price Index (CPI), rose by 0.7% YoY in February from a 0.8% decline in January.
Read more »
Inflation ticked up in February as Fed weighs interest rate cutsInflation ticked up in February, as the Federal Reserve weighs when to cut interest rates and keeps close watch for signs that high prices are ling...
Read more »
Inflation unexpectedly rose to 3.2% in February as Fed weighs rate cutsInflation unexpectedly rose to 3.2% for the year ending in February, the Bureau of Labor Statistics reported Tuesday in an update to the consumer ...
Read more »