男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影

Banking

Money growth slows in May

By Aileen Wang and Koh Gui Qing (China Daily)
Updated: 2011-06-14 10:23
Large Medium Small

Money growth slows in May

An outlet of Industrial and Commercial Bank of China Ltd in Yiwu, Zhejiang province. Chinese banks extended 551.6 billion yuan ($85.1 billion) in local currency loans in May, central bank data show. [Photo /  China Daily] 

Taming inflation remains nation's top priority despite slowdown signs

BEIJING - China's money growth slowed to a 30-month low in May and banks extended fewer new loans than expected as tight monetary policy weighed on bank lending. However, stubborn inflation is expected to persuade the government to keep its foot on the credit brakes.

Although there are signs that growth in the world's second-biggest economy is cooling slightly, analysts said taming price pressures remains a top priority for China, especially as policymakers see little chance of a sharp slowdown for now.

"We continue to look for one more interest rate hike in June and believe it is too early to loosen policy," said Jian Chang at Barclays Capital in Hong Kong, while noting there was a chance the rate increase could be delayed until July.

The timing of the next rate rise could well depend on May inflation data, scheduled for release on Tuesday. Analysts polled by Reuters predicted that annual inflation edged back up to 5.4 percent in May, the highest in more than 30 months, and a government researcher said that it may accelerate to more than 6 percent in June, according to remarks reported on Sunday.

Investors are eyeing Chinese data and its policy stance even more closely than usual amid signs of a global slowdown.

Chinese banks extended 551.6 billion yuan ($85.1 billion) worth of local currency loans in May, figures from the central bank showed.

Annual growth in China's broad M2 measure of money supply slowed to a 30-month low of 15.1 percent in May, while outstanding yuan loans at the end of the month grew 17.1 percent from a year ago.

The median forecast of economists was for a 15.4 percent rise in M2 and a 17.1 percent growth in outstanding loans.

Most analysts said that the moderation in money growth and bank lending were more a result of Beijing's lending restrictions rather than a drop off in demand for loans.

"It is still too early to say that the loan demand is declining because of a slowing economy," said E Yongjian, an analyst at Bank of Communications in Shanghai. "We should not read too much into a single month's loan data."

Indeed, record annual profits for Chinese banks suggest that Beijing's clampdown on credit has not hurt lending. Despite lending less, banks are benefiting from buoyant demand for loans and are charging higher interest rates.

In past years, Beijing has steered bank lending by announcing an explicit loan target for banks. It refrained from doing so this year, after banks exceeded last year's target of 7.5 trillion yuan by lending 7.9 trillion yuan.

Even so, analysts believe that Beijing's implicit lending target for 2011 is about 7.5 trillion yuan, with a target M2 growth of 16 percent.

With such solid growth in money supply, some analysts said China is far from sliding toward a "hard landing".

Li Huiyong, an analyst at Shenyin & Wanguo Securities Co in Shanghai, estimates that M2 growth of between 13 and 15 percent will keep China's economy growing at between 9 and 10 percent.

"We continue to believe that the chance of a hard landing is very small," said Ting Lu, an economist at Merrill Lynch-Bank of America.

Related readings:
Money growth slows in May Growth of new loans expected to be steady
Money growth slows in May China offers loans to boost SMEs in Africa
Money growth slows in May Improved access to loans not a cure-all for small firms
Money growth slows in May Small business loans harder to get: Report

Lu said the slackening in M2 could be a result of households moving their savings to wealth management products, which are excluded in the calculation of M2.

Meanwhile, to quell inflation, China has raised interest rates twice and increased banks' required reserves five times this year. It has also ordered banks to cut lending to local governments and property firms.

Li Xunlei, an analyst at Guotai Junan Securities in Shanghai, estimates that the latest pull-back in money growth could show up as slower inflation six months from now.

But Tim Condon, a regional economist at ING in Singapore, noted that much of China's inflation is driven by food prices.

"It's not money. It's really food that is driving inflation. There is not much monetary policy can do about it," he said.

"They have done a lot (on the policy front). Do they risk over-tightening if they continue? Maybe it's time to wait and see."

Reuters

分享按鈕
主站蜘蛛池模板: 东明县| 米脂县| 得荣县| 丰原市| 尼勒克县| 射阳县| 合川市| 白城市| 福清市| 嵊州市| 安达市| 潞城市| 井研县| 两当县| 麻江县| 怀集县| 土默特左旗| 莱阳市| 邢台县| 平阳县| 扶沟县| 花莲市| 建平县| 闽清县| 平定县| 海城市| 郑州市| 鹤岗市| 吉木乃县| 秀山| 彭阳县| 阿勒泰市| 灵石县| 仁化县| 安徽省| 叙永县| 东光县| 建水县| 海伦市| 思南县| 阜康市| 定边县| 杭州市| 固镇县| 木兰县| 横峰县| 东丰县| 庆阳市| 太谷县| 北流市| 商洛市| 高密市| 黑龙江省| 赤水市| 黄山市| 马龙县| 汉川市| 尖扎县| 铜陵市| 晋江市| 青川县| 保靖县| 绥江县| 华安县| 绥芬河市| 巩义市| 河南省| 仪征市| 肥西县| 枣强县| 小金县| 喜德县| 宣城市| 如皋市| 年辖:市辖区| 南和县| 天等县| 泰来县| 桓台县| 南部县| 内江市| 田阳县|