The latest official data points to a rebound in renminbi lending in the month of September, following a sizeable slump just two months previously.
Renminbi loans grew 2.47 trillion yuan in September, 810.8 billion yuan ahead of the figure for the same period last year, according to figures from the People’s Bank of China (PBOC).
Renminbi loan growth in September marks a sizeable increase compared to the figure of 1.25 trillion yuan in August and just 679 billion yuan in July. May saw renminbi loans increase 1.89 trillion yuan and June a 2.81 trillion yuan increase.
Renminbi loans grew by 18.08 trillion yuan over the first three quarters of 2022, for an increase of 1.36 trillion yuan compared to the same period in 2021. Renminbi deposits grew 22.77 trillion yuan, for an increase of 6.16 trillion yuan compared to the same period in 2021.
Outstanding total social financing grew 3.53 trillion yuan in September, 624.5 billion yuan more than the same period last year. In the first three quarters of 2022 outstanding total social financing grew 27.77 trillion yuan, 3.01 trillion yuan more than the figure for the same period in 2021.
Wen Bin (温彬), chief economist with China Minsheng Bank, said to state-owned media that the latest round of official data indicated that effective demand for loans from the enterprise and household sectors had rebounded following the implementation of stabilisation policies, and that credit loosening by the Chinese financial sector could further continue.
