Chinese banks reduced new loans in February

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In February, Chinese banks issued new loans in the amount of 885 billion 800 million yuan, which is significantly lower than the volume of loans in January in the amount of 3 trillion 230 billion yuan, the People's Bank of China reported. According to experts, it was expected to decline to 975 billion yuan. The February growth of aggregate M2 in annual terms was at the level of 8%, experts had predicted it at the level of 8.4%. The amount of outstanding loans in RMB showed an annual growth of 13.4%, confirming expert estimates. The total amount of funding grew by 10.1%. Its growth has slowed compared with the January increase of 10.4%. The Chinese authorities intend to increase the volume of lending to private and small companies by 30%.

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