New corporate loans slumped from RMB 421 billion in August to RMB 293 billion.
According to Barclays, September new RMB loans amounted to RMB 623bn (lower than Bloomberg consensus of RMB 680bn). In the first nine months, total RMB loans reached RMB 6.72tn, about 79-84% of the RMB 8-8.5tn annual new loans target.
"In that case, banks will have RMB 1.28-1.78tn available to lend in the last quarter, corresponding to RMB 427-593bn per month on average. In the breakdown, new corporate loans slumped to RMB 293bn (RMB 421bn in August) due to negative discounted bills growth (-RMB 217bn)."
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