Chinese bank lending surged in August after declining sharply a month ago, while money supply growth slowed from last year, data published by the People's Bank of China showed Friday.
Banks lent CNY 702.5 billion in August, which was much larger than July's CNY 385.2 billion lending.
Social aggregate financing, a broad measure of credit, totaled CNY 957.4 billion in August, versus CNY 273.1 billion a month ago. Nonetheless, it remained above the expected level of CNY 1.13 trillion.
The broad measure of money supply, M2, grew 12.8 percent year-on-year in August, while economists expected the annual rate to remain unchanged at 13.5 percent. The narrow measure M1 climbed 5.7 percent, slower than expectations of 6.8 percent.
For comments and feedback: editorial@rttnews.com