China: Reopening supports credit growth in January – UOB – by pabspiovano China Credit Banks
Key Takeaways
“Confidence in the household sector has remained weak, resulting in weaker home purchases as well as consumption loans. Notably for 2022, loans to households slowed sharply to account for just 18% of the new loans compared to 40% in 2020-21.” “As the economy continues to recover and normalise in 2023, we expect credit growth to pick up along with stronger corporate activities, infrastructure construction and private consumption. The PBOC may also need to further cut its interest rate and RRR to boost the“On a longer-term basis, the growth in TSF in China would likely remain below 10% as the GDP growth moderates which limits banks’ credit expansion.
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