New bank lending fell much less than expected in February from a record high the previous month.īanks extended 1.81 trillion yuan ($260 billion) in new loans last month. That was well above estimates of 12.5% in the Reuters poll and a 12.6% pace in January. Other key credit gauges also showed a solid pick-up.īroad M2 money supply grew 12.9% from a year earlier, central bank data showed on Friday, the strongest pace since March 2016. TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.
Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, quickened to 9.9% in February from a year earlier, the highest since November 2022, and rising from 9.4% in January. "China's strong credit extension in February has somehow offset the recent concerns clouding the pace of economic recovery, suggesting that the overall economy is still on a solid footing," said Zhou Hao, economist at Guotai Junan International. But there are some fears that momentum could fade after the initial bounce. The government's lifting of harsh pandemic curbs in December and other measures have started to rekindle credit demand in the world's second-largest economy, after a COVID-induced slump rattled business and consumer confidence. BEIJING, March 10 (Reuters) - China reported unexpectedly strong credit growth for February, with money supply expanding at the fastest pace in nearly 7 years, as Beijing looks to support a nascent economic recovery amid rising global risks.
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