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China's new yuan lending falls in December

(Shanghai Daily)

09:12, January 11, 2013

CHINA'S new yuan lending fell in December while a broader measure of financing surged 28 percent, the central bank data showed yesterday.

New yuan loans at banks amounted to 454.3 billion yuan (US$73 billion) last month, less than 640.5 billion yuan a year ago and earlier market estimates of between 500 and 600 billion yuan.

Total social financing, including loans, bank acceptance bills, corporate bonds and equity financing, was 1.63 trillion yuan in December, up 351 billion yuan or 28 percent from a year earlier, the People's Bank of China said yesterday on its website. The growth compared with an increase of 19 percent in November.

It's good news that social financing surged in December, Dariusz Kowalczyk, senior economist for Asia except Japan at Credit Agricole, said in a note.

"This was possible despite a surprisingly sharp contraction in new yuan lending," he said. "As was the case earlier in the year, other forms of funding the economy have gained importance, with trust loans up 532 percent and foreign currency loans up 210 percent."

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