BEIJING, April15 -- New yuan lending surged in Shanghai in the first quarter as banks pumped in liquidity to boost the economy, the Chinese central bank said yesterday.
Banks in Shanghai issued total new yuan-backed lending of 228.1 billion yuan (33.4 billion U.S. dollars) in the first three months of this year, up 136.4 billion yuan from a year ago, the Shanghai headquarters of the People's Bank of China said yesterday in a statement.
The new yuan loans were mainly offered to the infrastructure, leasing, real estate and manufacturing industries, which accounted for 80 percent of the total new yuan lending, it said.
Individual lending also rose in the first quarter. New yuan individual consumption loans added 4.6 billion yuan in the first quarter, up 2.65 billion yuan from a year earlier.
The recovery of the real estate market also helped individual mortgage loans to climb last month.
Individual mortgages rose by 2.44 billion yuan last month, a year-on-year rise of 3.41 billion yuan, mainly boosted by second-hand home transactions.
Though lending grew rapidly in the first quarter, savings also rose in the period - an indication that the central government still has to launch more measures to stimulate domestic consumption.
As inflation started to ease this year and the investment market was relatively lukewarm, individuals were putting more money into bank accounts over concerns of a worsening economy.
Yuan savings rose 286.22 billion yuan in the first quarter, up 89.2 billion yuan from a year earlier. They accounted for 55.5 percent of total new yuan savings last year.
Total deposits - yuan-backed and foreign currency-denominated - climbed by 301.54 billion yuan, a record high, in the first quarter. They are equivalent to 57.4 percent of last year's new savings.
Individuals are retreating back to domestic banks amid concerns over the performance of overseas banks.
(Source: Shanghai Daily)
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