China Monetary Policy


Credit growth rises in March

Despite authorities' efforts to rein in liquidity, credit growth remains robust, pointing to further tightening in the pipeline. New yuan loans jumped to RMB 679 billion (USD 104 billion) in March from RMB 536 billion (USD 82 billion) in February, well above market expectations of RMB 600 billion (USD 92 billion). According to some analysts, the low February reading allowed policymakers to tolerate a higher lending level in March. The banks' lending for the full first quarter stood at RMB 2.2 trillion, broadly in line with expectations. Money supply (M2) grew 16.6% year-on-year in March, overshooting both February's reading of 15.7% year-on-year growth and market expectations of 17.7%.

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