Pan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: ReutersPan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: Reuters
Pan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: Reuters

China’s new bank loans fell in May, but broader credit growth quickened amid policy easing

  • Banks extended 1.48 trillion yuan (US$209 billion) in new yuan loans in May, down from 1.70 trillion yuan in April
  • Premier Li Keqiang told the National People’s Congress last month that monetary policy would be more flexible, and growth of M2 and total social financing would be significantly higher this year.
Topic |   China economy
Pan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: ReutersPan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: Reuters
Pan Gongsheng, vice-governor of the People’s Bank of China, said last week that the economic hit from the coronavirus pandemic was bigger than first expected and that more monetary and credit policy support was needed. Photo: Reuters
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