China’s Bank Lending Drops
Chinese banks sharply reduced lending last month after concerns that the world’s second largest economy was having an unsustainable return to debt fueled growth.
“Banks made 555.6 billion yuan ($85.21 billion) in net new yuan loans in April, much lower than expected and less than half of the 1.37 trillion yuan loans in March.”
Banks made 555.6 billion yuan ($85.21 billion) in net new yuan loans in April, much lower than expected and less than half of the 1.37 trillion yuan loans in March. Data earlier this week also showed troubled loans at China’s commercial banks reached 4.6 trillion yuan ($706 billion) at end-March, a jump of 428 billion yuan from December. Bad debts in China have now risen for 18 consecutive quarters, reflecting the prolonged economic slowdown.
About People’s Bank of China
The People’s Bank of China (PBC) was established on December 1, 1948 based on the consolidation of the Huabei Bank, the Beihai Bank and the Xibei Farmer Bank. In September 1983, the State Council decided to have the PBC function as a central bank. The Law of the People’s Republic of China on the People’s Bank of China adopted on March 18, 1995 by the 3rd Plenum of the 8th National People’s Congress has since legally confirmed the PBC’s central bank status.
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