As China’s central bank tries to contain rising debt, new bank loans unexpectedly rose in May, but broader credit growth slowed, reported Reuters.
Top China leaders pledged to keep borrowing costs low, maintain support for small firms, and avoid drastic policy shifts. In addition, authorities vowed to be more attentive and extend credit to hot economic areas including property.
According to the People’s Bank of China (PBOC), banks offered RMB 1.5 trillion ($234.76 billion) in loans in May, higher than RMB 1.47 trillion in April and surpassing expectations of RMB 1.41 trillion.