BEIJING :New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy's post-pandemic recovery is losing steam and putting pressure on the central bank to ease policy.While some moderation in lending had been expected after a record first quarter, the weak reading
BEIJING :New Chinese bank loans tumbled far more sharply than expected in April, adding to worries that the economy's post-pandemic recovery is losing steam and putting pressure on the central bank to ease policy.
"China's credit data came in well below estimates, reinforcing the concerns over the sustainability of a post-COVID recovery," said Zhou Hao, economist at Guotai Junan International. To spur credit growth, the central bank in March cut banks' reserve requirement ratio for the first time this year. "With a more supportive PBoC, we now expect a reduction of 20 bps to the MLF rate in rest of this year, our proxy of the policy rate," it said, referring to the bank's medium-term loan facility.
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