PBOC Says Monetary Policy Approval Rate from Chinese Banks Stands at over 80%

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A recent survey conducted by the Chinese central bank points to broad support for its current monetary policy settings from domestic lenders as of the third quarter of 2021.

82.5% of bankers in China consider monetary policy to be “appropriate” at present, for a decline of 0.1 percentage points compared the previous quarter, according to the “2021 Q3 Banker Questionnaire Survey Report” (2021年第三季度银行家问卷调查报告) released by the People’s Bank of China (PBOC) on 8 October.

13.0% of bankers surveyed said that monetary policy was “loose,” for an increase of 1.4 percentage points compared to the previous quarter.

The Monetary Policy Sentiments Index stands at 54.3%, for an increase of 1.3 percentage points compared to the previous quarter, and a decline of 11.8 percentage points compared to the same period last year.

The Banker Macro-Economic Heat Index for the third quarter came in at 38.6%, for a decline of 7.3 percentage points compared to the previous quarter.

Looking ahead to the next quarter, the Banker Macro-Economic Heat Expectations Index stands at 42.5%, 3.9 percentage points higher than the reading for the current quarter.

71.8% of bankers believe that the macro-economy is “normal” at present, for a decline of 7.5 percentage points compared to the previous quarter, while 25.5% believe it to be “cold,” for an increase of 11.0 percentage points.

The Overall Loan Demand Index stands at 68.3%, for a decline of 2.2 percentage points compared to the previous quarter, and a decline of 5.2 percentage points compared to the same period last year.

For the manufacturing sector the loan demand index stands at 67.4%, for an on-quarter decline of 1.3 percentage points, while the infrastructure loan demand index stands at 63.05, for a decline of 2.0 percentage points.

The wholesale and retail loan demand index is 60.6%, for a decline of 1.6 percentage points compared to the previous quarter, while the real estate enterprise loan demand index is 45.3%, for a decline of 2.8 percentage points.

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