A report from the Chinese central bank points to accelerated growth in financial inclusion loans.
The “2019 Q3 Financial Institution Lending Direction Statistical Report” (2019年三季度金融机构贷款投向统计报告) released by the People’s Bank of China (PBOC) on 25 October indicates that as of the end of the third quarter the renminbi loan balance stood at 149.92 trillion yuan, for a YoY rise of 12.5%.
Loans increased by 13.63 trillion yuan in the first three quarters of 2019, 486.7 billion yuan ahead of the amount for the same period last year.
As of the end of the third quarter the renminbi financial inclusion loan balance was 16.99 trillion yuan, for YoY growth of 16.8%, and an acceleration of 0.6 percentage points compared to the end of the preceding quarter.
The financial inclusion micro and small-loan balance stood at 11.27 trillion yuan, for YoY growth of 23.3%.