China’s local-currency loans and broader liquidity grew more than expected last month but at rates nowhere close to the acceleration seen earlier this year.
New renminbi-denominated bank loans rose to Rmb1.22tn in September, up 16.2 per cent year on year after bouncing back from contraction to grow 17.1 per cent in August, according to new figures from the People’s Bank of China. That was also above a median estimate of Rmb1tn from economists.
A broad measure of the country’s money supply, M2, rose 11.5 per cent year on year last month, just shy of a median forecast of 11.6 per cent growth and marginally closer to a target of 13 per cent annual growth.
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