Mainland China bank loans pick up in September: central bank
AFPSHANGHAI--China's bank lending expanded in September, the central bank said late Monday, but analysts said policy easing might taper off as the government seeks to control inflation.
October 16, 2013, 12:11 am TWN
Domestic banks extended 787.0 billion yuan (US$128.9 billion) in new loans last month, the People's Bank of China said in a statement, up from 711.3 billion yuan in August.
The September figure was well above market expectations of 674.5 billion yuan, according to a survey of 10 economists by Dow Jones Newswires.
Analysts said robust credit growth would pave the way for China to meet its 7.5 percent annual growth target but authorities could take measures to control bank lending to contain inflationary risk.
“Given the current growth momentum, the Chinese government could easily achieve its 7.5 percent growth target,” Bank of America Merrill Lynch economist Lu Ting wrote in a research report.
Figures from the central bank also showed China's foreign exchange reserves — already the world's largest — rose to US$3.66 trillion by end-September, the biggest quarterly increase since the second quarter of 2011.