China’s credit growth continued strong in October, mainly boosted by government bond sales, but households borrowed less amid the protracted housing market slump, reports Caixin. New yuan loans reached RMB 738.4 billion ($101.3 billion) in October, up 17% of RMB 105.8 billion from a year earlier, according to data released Monday by the People’s Bank of China. The total beat the RMB 700 billion estimated by economists surveyed by Caixin.
Household loans decreased by RMB 34.6 billion. Short-term household loans shrank by RMB 105.3 billion, while mid- to long-term loans expanded by RMB 70.7 billion but still held at a historically low level.
Aggregate social financing, a broad measure of credit, grew by RMB 1.85 trillion last month, RMB 910.8 billion more than a year earlier, topping economists’ expectations of a RMB 1.8 trillion increase.