New bank loans in China fell more than expected to the lowest in 22 months in Oc...
BEIJING - New bank loans in China fell more than expected to the lowest in 22 months in October, but the drop was likely due to seasonal factors and policymakers are still expected to ramp up support for the cooling economy in coming months.
“We think the central bank will need to loosen policy more aggressively in the coming months in order to drive a turnaround in credit growth and prevent economic activity from slowing too abruptly,” Julian Evans-Pritchard at Capital Economics said in a note. “The data reflects weaker demand for credit from companies as their confidence has been affected by the trade war,” said Nie Wen, a Shanghai-based economist at Hwabao Trust.
In October, new TSF tumbled to 618.9 billion yuan - the lowest since July 2016 - from 2.27 trillion yuan in September. Analysts polled by Reuters had expected 1 trillion yuan.
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