New yuan loans issued by Chinese banks were much higher than expected in March, boosting a rapidly weakening economy.
Chinese banks provided new loans (in yuan) amounting to 3.13 trillion. Yuan ($ 491.4 billion), significantly higher than 1.23 trillion. February yuan and higher than 2.6 trillion. Yuan that economists expected.
Beijing has urged state-owned banks to increase lending, even as the world’s second-largest economy was hit by the coronavirus, which has prompted local governments to impose strict quarantine measures on demand.
The total social financing was 4.65 trillion. Yen in March.
M2 (the measure of money supply in China), rose 9.7% in March compared to the previous year, compared to a rise of 9.2% in February and expectations for a rise of 9.2%.
Source: Capital
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