Economic news

China July new bank loans dip to 260 billion yuan, miss forecasts

2024.08.13 05:39

BEIJING (Reuters) – Chinese banks extended 260 billion yuan ($36.26 billion) in new yuan loans in July, down from the previous month and undershooting analysts’ forecasts, highlighting weak demand as a prolonged property downturn and job insecurity drag on business and consumer confidence.

Analysts polled by Reuters had expected new yuan loans would come in at 450 billion yuan last month, down sharply from 2.13 trillion yuan the previous month but more than the 345.9 billion yuan a year earlier.

The People’s Bank of China (PBOC) does not provide monthly breakdowns but Reuters calculated the July figures based on the bank’s Jan-July data released on Tuesday, compared with the Jan-June figure.

The PBOC said new yuan loans totalled 13.53 trillion yuan for the first seven months of the year.

Growth in broad M2 money supply accelerated last month to 6.3% from a year earlier, above estimates of 6.1% forecast in the Reuters poll and 6.2% in June.

© Reuters. FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

Growth in outstanding yuan loans slowed to 8.7% compared with 8.8% in June. Analysts had expected a 8.8% growth.

($1 = 7.1705 renminbi)



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 76,123.40 1.38%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,916.79 3.19%
tether
Tether (USDT) $ 1.00 0.14%
solana
Solana (SOL) $ 201.48 6.99%
bnb
BNB (BNB) $ 597.20 0.39%
usd-coin
USDC (USDC) $ 1.00 0.05%
xrp
XRP (XRP) $ 0.549923 0.85%
dogecoin
Dogecoin (DOGE) $ 0.19859 3.68%
staked-ether
Lido Staked Ether (STETH) $ 2,913.58 3.06%
cardano
Cardano (ADA) $ 0.428168 15.34%
tron
TRON (TRX) $ 0.161314 0.26%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,452.66 3.23%
the-open-network
Toncoin (TON) $ 4.87 0.22%
avalanche-2
Avalanche (AVAX) $ 27.71 2.82%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.85%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,079.38 1.21%
weth
WETH (WETH) $ 2,916.95 3.20%
chainlink
Chainlink (LINK) $ 12.93 4.92%
bitcoin-cash
Bitcoin Cash (BCH) $ 373.76 0.76%
sui
Sui (SUI) $ 2.31 3.02%
polkadot
Polkadot (DOT) $ 4.29 5.13%
leo-token
LEO Token (LEO) $ 6.34 3.18%
usds
USDS (USDS) $ 0.9938 0.63%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,067.42 3.22%
litecoin
Litecoin (LTC) $ 71.05 0.19%
uniswap
Uniswap (UNI) $ 8.76 1.72%
near
NEAR Protocol (NEAR) $ 4.20 0.62%
aptos
Aptos (APT) $ 9.67 0.95%
pepe
Pepe (PEPE) $ 0.000011 4.09%
bittensor
Bittensor (TAO) $ 504.53 1.46%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 1.48%
internet-computer
Internet Computer (ICP) $ 7.72 0.03%
dai
Dai (DAI) $ 1.00 0.04%
monero
Monero (XMR) $ 165.44 2.05%
stellar
Stellar (XLM) $ 0.101607 3.54%
ethereum-classic
Ethereum Classic (ETC) $ 20.22 0.77%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
kaspa
Kaspa (KAS) $ 0.11328 4.79%
whitebit
WhiteBIT Coin (WBT) $ 19.58 1.14%
crypto-com-chain
Cronos (CRO) $ 0.103771 21.17%
aave
Aave (AAVE) $ 180.69 2.16%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.347594 1.60%
blockstack
Stacks (STX) $ 1.65 1.04%
okb
OKB (OKB) $ 40.23 0.57%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.04%
dogwifcoin
dogwifhat (WIF) $ 2.35 0.50%
arbitrum
Arbitrum (ARB) $ 0.571414 0.32%
filecoin
Filecoin (FIL) $ 3.72 0.16%
mantle
Mantle (MNT) $ 0.656984 3.79%