China’s New Loans Rose To RMB1.05T In September

China’s new RMB loans rose to RMB1.05 trillion in September, above market expectations and compared with RMB809.6 billion recorded in August.

For the third quarter as a whole, new loans surged to RMB3.34 trillion, compared with RMB2.88 trillion in the second quarter 2015 and RMB1.94 trillion in the third quarter 2014. The increase is partly due to the stock market rescue, which boosted lending to the financial sector.

China’s total social financing aggregate increased to RMB1.3 trillion in September, up from RMB1.082 trillion in the previous month.

Overall total social financing aggregate during the third quarter were RMB3.2 trillion, much lower than RMB4.1 trillion in the second quarter 2015, but higher than the RMB2.4 trillion recorded in the third quarter last year.

China’s M2 rose 13.1% year-on-year in September, slightly down from 13.3% in August,

In September, China’s Foreign exchange reserves declined further by US$43.3 billion to US$3.514 trillion. The decline was smaller than the market expectation of US$57 billion and US$93.9 billion witnessed in August, suggesting capital outflow pressures have eased.

"It appears that the People’s Bank of China’s stabilization measures in the forex market have calmed the market. Looking ahead, the pressure of capital outflows is expected to ease further in the coming months as expectation of massive RMB depreciation wanes," says a research report by ANZ.

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