China’s new yuan loans to have almost doubled in Nov: report

Banks are estimated to have issued $136.02b in new yuan loans.

China’s new yuan loans are expected to have almost doubled in November 2024 compared to a month earlier, reports Reuters, based on a poll of 20 economists.

Banks in China are estimated to have issued $136.02b (CNY990b) in net new yuan loans during the month, according to the poll results. This is higher than October’s CNY500b, but lower than the CNY1.09t issued in November 2023.

This demonstrates “firmer credit demand” on the back of Beijing’s efforts to prop up economic growth, which in turn lifted confidence.

Chinese lawmakers have been ramping up policy stimulus since late September to tackle a property market downturn and ballooning local government debt.

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