Chinese banks issued 645.4 billion yuan ($95.1 billion) in new loans in the national currency in April, up from 3.13 trillion yuan in March, according to data from the People’s Bank of China (PBOC). Thus, the volume of lending decreased by 4.8 times. Experts polled by Trading Economics expected the average to be 1.515 trillion yuan. The figure fell last month to the lowest since December 2017 due to falling demand for financing amid quarantine restrictions in many cities of the country, including Shanghai. The total amount of financing (including bank loans, off-balance sheet loans, and placement of stocks and bonds) in April fell to the lowest since February 2020 910.2 billion yuan, compared with 4.65 trillion yuan in March. The market consensus was 2.15 trillion yuan. The total volume of outstanding bank loans in yuan at the end of last month was 10.9% more than a year earlier (11.4% in March). Money supply M2 (cash and all deposits) in April grew by 10.5% in annual terms – the highest since November 2020 and reached 249.97 trillion yuan. The consensus forecast was for a 9.9% rise after a 9.7% rise in March. Source: FINMARKET.RU

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