New yuan loans extended by Chinese lenders in October remained well below economists' expectations, signaling the need for more policy action to spur lending, data from the People's Bank of China showed Monday.
China's banks extended CNY 505.2 billion of new local currency loans in October, lower than CNY 590 billion forecast. This was also lower than CNY 623.2 billion in September.
Social financing, a broad measure of credit in the economy, fell to CNY 1.29 trillion from CNY 1.65 trillion in September.
The central bank reduced interest rate in June and July this year and cut the reserve requirement rate three times since November last year to support the flagging economy.
by RTT Staff Writer
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