China's May new loans miss expectations, more stimulus likely

📆 6/13/2023 12:40 PM
📰 ChannelNewsAsia

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BEIJING: China's new bank loans picked up in May from the previous month, as the central bank kept policy accommodative to support the economy, but signs of growth losing steam have raised expectations that more stimulus may be needed. New bank lending rose to 1.36 trillion yuan (US$190.18 billion) in May,

Household loans including mortgages were up 367.2 billion yuan in May, versus a contraction of 241.1 billion yuan in April. Corporate loans rose to 855.8 billion yuan in May from 683.9 billion yuan in April, central bank data showed.

"We believe these comments suggest that Beijing has now become seriously concerned over the potential for a double dip, and the PBOC may respond by stepping up stimulus measures in the near term," analysts at Nomura said in a note. Broad M2 money supply in May grew 11.6 per cent on year, below 12.1 per cent forecast in a Reuters poll. M2 grew 12.4 per cent in April.

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