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China Oct new bank loans slump to 500 bln yuan, below forecast

BY Reuters | ECONOMIC | 11/11/24 03:53 AM EST

BEIJING, Nov 11 (Reuters) - Chinese banks extended 500 billion yuan ($69.53 billion) in new loans in October, falling sharply from September and trailing behind analysts' expectations, as a ramp-up of policy stimulus to buttress a wavering economy fell short of boosting credit demand.

Analysts polled by Reuters had predicted a fall in new yuan loans to 700 billion yuan last month from 1.59 trillion yuan in September and against 738.4 billion yuan a year earlier.

The People's Bank of China (PBOC) does not provide monthly breakdowns but Reuters calculated the October figures based on the bank's Jan-Oct data released on Monday, compared with the Jan-Sept figure.

The PBOC said new yuan loans totalled 16.52 trillion yuan for the first ten months of the year. ($1 = 7.1909 Chinese yuan renminbi) (Reporting by Kevin Yao and Liz Lee; Editing by Christian Schmollinger)

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