皇冠体育app

New loans by 皇冠体育app's Big Four banks hit a new low in October, underlining progress in Beijing's efforts to de-leverage the economy.

The Big Four, 皇冠体育app Construction Bank, Industrial and Commercial Bank of 皇冠体育app, Agricultural Bank of 皇冠体育app and Bank of 皇冠体育app, issued just 182 billion yuan ($29.87 billion) in loans in October, around 40 billion yuan fewer than last October, the smallest amount for the year. Analysts estimate that new lending by the sector in the month stands at around 500 billion to 600 billion yuan.

Chang Jian, a Hong Kong-based economist with Barclays Capital, estimates that new loans dropped to 525 billion yuan in October from 787 billion yuan in September. That translates into a 0.2 percentage point deceleration in M2 growth from 14.2 percent in September to 14 percent in October.