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Onshore Media Reporting RRR/Interest Rate Cuts In H2, New Loans To Rebound In May

CHINA

The China Securities Journal is reporting today that the China RRR and interest rates are likely to be cut in the second half of the year. The journal also reports that new loans should rebound in May.

  • This would be in line with consensus, as the market projection for new loans in May is 1550bn yuan, versus the Apr outcome of 718.8bn yuan. Aggregate financing is also expected to pick up, 1850bn yuan, versus 1217bn prior. Note May credit figures are due for release between the 9th to 15th of June.
  • Shanghai Securities News is also reporting a similar outlook, although it notes that the source of the rebound is due to a lending pick up for infrastructure and manufacturing, with household loans remaining depressed.
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