On February 20, 2024, a citizen counted RMB in Fuyang City, Anhui Province, China.
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In May, Chinese banks added 950 billion yuan ($130.93 billion) in RMB loans, an increase from April, but falling short of analysts’ expectations.
Analysts polled by Reuters had forecast that loans would increase to 1.255 trillion yuan in May from 730 billion yuan in April, but still below the 1.36 trillion yuan disbursed in the same period last year.
The People’s Bank of China did not provide a monthly breakdown, but Reuters calculated the May data based on the January-May data released by the People’s Bank of China on Friday and compared it with the January-April data.
The central bank said that new loans in the first five months of this year were 11.14 trillion yuan.
Data showed that the broad M2 money supply increased by 7.0% year-on-year, lower than analysts’ expectations of 7.2%. M2 increased by 7.2% year-on-year in April.
Last month, RMB loan balances increased by 9.3% year-on-year, compared with 9.6% in April. Analysts had expected growth of 9.5%.
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