BEIJING--Chinese banks revved up lending in September, providing another boost to the economy, which is expected to be near its pre-pandemic growth rate.
New loans issued by lenders soared to 1.9 trillion yuan ($281.8 billion) in September, data released by the People's Bank of China showed Wednesday. This beat the CNY1.7 trillion expected by economists polled by The Wall Street Journal and August's CNY1.28 trillion.
Total social financing, a broader measurement of credit that also includes nonbank financing, was CNY3.48 trillion in September, compared with CNY3.58 trillion in August.
China's M2, the broadest gauge of money supply, rose 10.9% on year in September, accelerating from 10.4% growth in August and higher than the 10.5% expected by the surveyed economists.
China is set to release third-quarter GDP figures next Monday. Economists polled expect the Chinese economy to have grown 5.3% on year in the quarter.
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(END) Dow Jones Newswires
10-14-20 0513ET
