New bank lending in China fell more than expected in May but broader credit growth quickened as the central bank continues to ease policy to get the economy back on solid footing after the coronavirus crisis, reported Reuters.
Banks extended RMB 1.48 trillion ($209.47 billion) in new RMB loans in May, down from RMB 1.70 trillion in April, according to data released by the People’s Bank of China (PBOC) on Wednesday.
Analysts polled by Reuters had predicted loans would fall to RMB 1.50 trillion. But the tally was higher than RMB 1.18 trillion in the same month last year.
Household loans, mostly mortgages, rose to RMB 704.3 billion from RMB 666.9 billion in April, while corporate loans fell to RMB 845.9 billion from RMB 956.3 billion.