China new yuan loans hit $79.9B in December

Nathan Andrada – Fourth Estate Cooperative Contributor

Beijing, China (4E) – Financial institutions in China provided 482.5bn yuan ($79.9bn) in new yuan loans last month, lower than the 624.6bn yuan extended in November, according to People’s Bank of China report released Wednesday.

Newly issued loans in December were short of the 590bn yuan estimated by 13 economists surveyed by The Wall Street Journal.

Total social financing, which is a broader gauge of credit in the economy, was 1.23tn yuan in December, which remained unchanged from the previous month. Total new yuan loans for the full-year 2013 stood at 8.89tn yuan while total social financing was 17.29tn yuan.

The country’s broadest measure of money supply, M2, accelerated 13.6 percent at the end of December compared with a year ago, lower from the previous month’s 14.2 percent increase, according to official data. The figure came short of the median estimate by economists who called for a 13.9 percent rise.

The government also reported that China’s foreign-exchange reserves rose to $3.82tn at the end of December, climbing from $3.66tn at the end of September.

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