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| China Central Bank Says Loans to Reach ‘Stable Level’ |
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Chinese central bank official Yi Gang said the strength of lending in the country isn’t a cause for concern and will stabilize, indicating he doesn’t see an immediate need to pull back on economic stimulus measures. “I think overall, the situation will converge to a sustainable level,” Deputy Central Bank Governor Yi told Bloomberg News in Istanbul, where the World Bank and International Monetary Fund are having their annual meetings. “In August, it was already not too much. June and August were pretty flat.” China’s new lending unexpectedly increased in August and money supply rose by a record, fueling the nation’s recovery from the slowest expansion in almost a decade. Yi’s comments echo others by China’s top leaders aiming to keep growth intact even as it fuels the risk of asset-price inflation. “The Chinese are masterful at entry and exit,” said Goldman Sachs Group Inc. Chief Economist Jim O’Neill in an interview, adding he expects lending to slow in coming months. “They could give lessons to many others.” Liu Mingkang, chairman of the China Banking Regulator Commission warned banks in a Sept. 18 statement that they’re facing rising risks and urged the lenders to comply with regulations. China aims to achieve “stable and relatively fast” growth and contribute to a global recovery by maintaining the continuity and stability of its policies, Premier Wen Jiabao said on Sept. 30 in a nationally televised speech celebrating the 60th anniversary of the founding of the People’s Republic of China.. Credit Boom A credit boom and a 4 trillion-yuan ($586 billion) stimulus package spurred economic growth to a 7.9 percent annual rate in the second quarter. China will stick to a “moderately loose” monetary policy and guide reasonable loan growth to further cement its economic recovery, the People’s Bank of China said in a Sept. 29 statement. The country will continue to implement stimulus measures to boost domestic demand, the bank said. China’s banks extended 410.4 billion yuan of local-currency loans in August, up from 355.9 billion yuan in July and 271.54 billion yuan a year ago, the People’s Bank of China said on Sept. 10. M2, the broadest measure of money supply, rose 28.5 percent, the bank also said. China will study the use of “regulatory tools” to adjust bank lending, Su Ning, another deputy governor at the country’s central bank, said Sept. 5. China’s inflation rate will climb to 3 percent for 2010 after a 0.5 percent decline in prices this year, the Asian Development Bank said in a Sept. 22 report. Tags:
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