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Household Long-term Loans Continue to Rise In October

MNI (Singapore)

Home purchases have picked up as household medium and long-term loans continued to rise by CNY37.5 billion in October compared to the same period last year, following the CNY201.4 billion increase in September, the central bank-run newspaper Financial News reported citing Dong Ximiao, chief researcher at China Merchants Union Finance. Medium and long-term corporate loans, however, decreased by CNY79.5 billion y/y due to seasonal factors and less working days following holidays in early October, said Wen Bin, chief economist at China Minsheng Bank. Wen also noted that enterprises' new financing needs decreased as the official manufacturing PMI ended its consecutive rises for four months and fell back to the contraction range of 49.5 in October.

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