Chinese banks throttled back new lending in April after a record first quarter t...
BEIJING - Chinese banks throttled back new lending in April after a record first quarter that sparked fears of more bad loans, but analysts say the central bank will have to keep up policy support for the economy as trade tensions escalate.Global investors are closely watching to see how much more support Beijing injects into the economy to shore up growth. Expectations that it is moving to a more cautious approach have shifted wildly this week after a sudden blowup in the U.S.-China relations.
U.S. President Donald Trump stunned global financial markets on Sunday by announcing the tariff measures, which Beijing later said it will retaliate against. Investors had been betting on news of a trade agreement soon that would relieve pressure on China’s export sector. While the central bank’s easing bias remained unchanged, the sources said it was concerned that pumping too much cash into the economy could reignite bubbles over time, and it wanted to save some of its policy ammunition in case activity deteriorated again.Thursday’s data also showed that broad M2 money supply in April grew 8.5 percent from a year earlier, in line with market estimates but dipping slightly from March.
Total TSF in April fell much more than expected, to 1.36 trillion yuan from 2.86 trillion yuan in March.
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