New loans in May hit 1.5tn yuan

Business | Reuters and Victor Zhong 11 Jun 2021

New loans in May reached 1.5 trillion yuan (HK$1.82 trillion), beating market expectations as People's Bank of China governor Yi Gang said he expects the country's annual average inflation to be below 2 percent this year.

The growth in new loans was up from 1.47 trillion yuan in April, beating analysts' expectations of 1.41 trillion yuan, the People's Bank of China said.

China will stick with implementing a normal monetary policy and focus on the impact of structural changes on price stability, Yi told a forum in Shanghai.

In other news, head of the China Banking and Insurance Regulatory Commission Guo Shuqing said banks should guard against a rise in non-performing assets. The regulator will also resolutely clean up illegal security issuance activities and curtail any pick-up in shadow banking, he added.

Meanwhile, two-way volatility in China's yuan exchange rate will become normal, and factors influencing the rate are complicated, said Pan Gongsheng, head of the State Administration of Foreign Exchange.

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