2019.10.1511:29:00UTC+00China's Bank Lending Rises In September

China's bank lending increased in September, data from the People's Bank of China showed Tuesday.

Bank lending increased to CNY 1.69 trillion in September from CNY 1.21 trillion in August. The expected level was CNY 1.4 trillion.

Total social financing rose to CNY 2.27 trillion from CNY 1.98 trillion in August. Broad M2 money supply climbed 8.4 percent annually.

The upshot is that policy easing is still failing to lift credit growth, Julian Evans-Pritchard and Martin Lynge Rasmussen, economists at Capital Economics, said.

This will ultimately push the PBoC to cut the rates on its lending facilities more decisively, the economist added. But even with additional stimulus, any pick-up in credit growth is likely to remain smaller than during past easing rounds.