Chinese banks extended stronger-than-expected new yuan lending in November, according to the South China Morning Post. New yuan bank loans in November grew to 794.6 billion yuan (US$115.09 billion) from October’s 651.3 billion yuan, the central bank said on its website on Wednesday. The loan data, released as part of the central bank’s monthly financial figures, accompanied a slew of stronger-than-expected economic numbers suggesting the economy is stabilising, at least for the short term. Medium- and long-term household loans, the majority of which are housing mortgages, increased to 569.2 billion yuan from October’s 489.1 billion yuan and close to the record high of 574.1 billion yuan in September. Household loans accounted for 86% of the total lending. Credit to non-financial entities, including corporations, inched down to 165.6 billion yuan, or 21% of the total.
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