China’s new bank loans hit record high in January: report

Officials are also rolling out more measures to support the economy.

New bank loans in China hit an all-time high in January amidst efforts by government officials to roll out more measures, reports Reuters, based on central bank data.

Banks extended US$683.7b in new yuan loans in January, up sharply from December and beating analysts’ expectations, data from the People's Bank of China (PBOC) showed.

Chinese lenders are said to front-load loans at the beginning of the year to get higher-quality customers and win market share.

Policymakers have further pledged to roll out further measures to support the weaker-than-expected post-COVID recovery in the world's second-largest economy, amidst a deep property crisis and prolonged stock market rout.

ALSO READ: China’s big four banks saw market value growth in Q4

"January bank lending is stronger than expected, which will support the real economy," said Luo Yunfeng, an economist at Huajin Securities.

"Going forward, monetary policy is likely to be loosened marginally," Luo said.

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