China reported unexpectedly strong credit growth for February, with money supply expanding at the fastest pace in nearly 7 years, as Beijing looks to support a nascent economic recovery amid rising global risks.
TSF includes off-balance sheet forms of financing that exist outside the conventional bank lending system, such as initial public offerings, loans from trust companies and bond sales.Broad M2 money supply grew 12.9% from a year earlier, central bank data showed on Friday, the strongest pace since March 2016. That was well above estimates of 12.5% in the Reuters poll and a 12.6% pace in January.Banks extended 1.81 trillion yuan in new loans last month. Analysts had predicted they would fall to 1.
A pull-back in February loans from January had been widely expected because Chinese banks tend to front-load loans at the beginning of the year to get higher-quality customers and win market share. Also, the central bank had told some banks to slow the pace of lending to contain risks after January's record credit spree, three bankers told Reuters last month.China has set a modest target for economic growth this year of around 5% after it cooled to only 3% last year, the weakest in nearly half a century.
The central bank has pledged to make timely policy adjustments to support growth, but analysts believe it has limited room to maneuver due to worries over capital flight amid continued policy tightening by the Federal Reserve. While the economy has made a tentative recovery in the last two months, data has been somewhat mixed.
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