The strong credit data published Monday showed recent steps to bolster the real estate market may be starting to lift household demand for mortgages, while corporate loans also picked up. The yuan gained after the central bank escalated its defense of the currency.
The world’s second-largest economy is trying to regain traction as an ongoing property crisis and weak confidence drag on its recovery, creating risk for the government’s annual growth target of about 5%. The improvement in the August data suggests July’s grim figures — which showed consumer prices tipping into deflation and monthly loans plunging to a 14-year low — may have been the worst of the slump.
Recent policies “may generate a short-term rebound in property transactions, but are insufficient to stabilize the property market,” the Goldman analysts wrote in a Sunday research note. They expect more easing, including interest rate cuts or measures to support the property market, if home sales continue to slide and growth slows further.
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