China September new bank loans jump to 1.08 trillion yuan, above forecast
SPY•Chinese banks issued 1.08 trillion yuan in new loans in September, above analysts’ 975 billion yuan forecast and up from 60 billion yuan in August. The figure was below the 1.29 trillion yuan issued a year earlier.
1. Loans beat forecast
Chinese banks extended 1.08 trillion yuan ($161.37 billion) in new loans in September, compared with 60 billion yuan in August. Analysts had expected 975 billion yuan, while lending a year earlier totaled 1.29 trillion yuan.
2. Quarter-end lending
Chinese lenders typically accelerate credit issuance toward quarter-end to meet internal targets. The central bank does not publish monthly breakdowns; the September figure was calculated from its January-September data compared with the January-August total.
