21:18, 12-Feb-2018
China New Loans Surge: Jan new loans hit record 2.9 trln yuan
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First up, a look at China's financing data. Central bank data showed Monday that Chinese banks extended a record 2.9 trillion yuan in net new yuan loans in January. That's well above analysts' expectations and almost five times as much as in December as policymakers aim to sustain solid economic growth while reining in debt risks.
Chinese banks tend to front-load loans early in the year to get higher-quality customers and win market share. For the whole year of 2017, China's banks extended a record 13.53 trillion yuan in new loans, up 7 percent from 2016.
Broad M2 money supply grew 8.6 percent in January on year, beating forecasts for an expansion of 8.4 percent and compared with 8.2 percent in December. China's total social financing surged to 3.06 trillion yuan in January from 1.14 trillion yuan in December.