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July bank lending, despite drop, is small

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BEIJING, Aug 12 (Reuters) A trio of top Chinese policymakers teamed up on Wednesday to reassure jittery markets that Beijing is not engaged in a new clampdown on money and credit and Canada Goose sale that its all important export sector is over the worst.

Canada Goose Parka Investors reacted moodily on canada goose coats Tuesday to unexpected softness in Chinese industrial output and investment data for July, which they attributed to a plunge in new bank lending presumed to have been ordered by regulators worried about incipient asset bubbles. Canada Goose Parka

canada goose But Zhou Xiaochuan, governor of uk canada goose outlet the cheap Canada Goose People Bank of China, said the central bank recent recourse canada goose store to the phrase fine tuning to describe its stance did not mark a departure. canada goose

canada goose coats have been talking this for over a decade. uk canada goose There is nothing new, Zhou told two reporters on the sidelines of a presentation by officials from Jiangsu province. markets globally. canada goose coats

China has been an engine of global growth over the past decade and financial markets hope its recovery can help haul the world economy out of the current Canada Goose Online downturn. Concerns that China could tighten policy, as such, have worried stock markets globally.

buy canada goose jacket cheap China chief banking regulator, who also attended the conference, also had canada goose soothing words to say about a drop in new bank loans in July to canada goose uk shop 355.9 billion yuan from 1.53 trillion yuan in June. buy canada goose jacket cheap

canada goose clearance sale billion yuan. That not small, said Liu Mingkang, chairman of the China Banking Canada Goose Jackets Regulatory Commission. is not small, he repeated for emphasis. canada goose clearance sale

canada goose clearance MURKY FIGURES Lending in the first six months surged to a record 7.37 trillion yuan, or almost 25 percent of annual GDP, as China mainly state owned banks responded cheap canada goose uk with gusto to the government call to help finance its 4 trillion yuan ($585 billion) infrastructure focused stimulus package. canada goose clearance

canada goose store July new loan total was thus well down on the monthly average of 1.23 trillion yuan for the first half but it was close to the average of 409 billion yuan lent out each month last https://www.canadagoosesale.info year. canada goose store

canadian goose jacket Moreover, the monthly canada goose coats on sale figures represent net lending. canadian goose jacket

July total was depressed by the maturing of 198 billion yuan in short term discounted bills and 58.1 billion in other canada goose factory sale short term loans.

Corporations, desperate to secure working capital, ramped up bill discounting at the start of the year to take advantage of favourable Canada Goose Parka borrowing rates.

Banks, for their part, were keen to heed the government call to lend, especially as they were canada goose uk black friday swamped with liquidity and the loans were backed by relatively safe trade receivables.

canada goose deals As such, the roll off of discounted bills should be seen as a normalisation of lending patterns, economists at Morgan canadian goose jacket Stanley said. slowdown in loan growth, therefore, should not be interpreted as policy tightening, they said in a note. canada goose deals

As the discounted bills mature, banks are instead extending more higher yielding normal loans to support canada goose clearance investment.

Tao Wang with UBS noted that new loans canada goose uk outlet to the corporate and household sectors, excluding bills, reached 550 billion yuan in July, similar to Canada Goose Outlet that in canada goose black friday sale May and higher than in April.

canada goose coats on sale What more, Chinese banks typically frontload lending in the first half, just in case regulators impose credit quotas later in the year, so a lower total in July was always on the cards. canada goose coats on sale

do not think Canada Goose Coats On Sale the slowdown in new bank lending will lead to a sharp drop in buy canada goose jacket GDP growth, Wang canada goose clearance sale said in a report.

Canada Goose Outlet EXPORT REVIVAL GDP expanded 7.9 percent in the second quarter from a year earlier and at a 14.9 percent annualised rate compared with the first quarter as the government pump priming offset a slump in Chinese exports caused by a collapse in external demand. Canada Goose Outlet

Canada Goose online Tuesday investment and factory output figures suggested that the boost from the initial wave of government infrastructure projects was fading, unsettling markets counting on strong Chinese demand for commodities and other raw materials. Canada Goose online

But Commerce Minister Chen Deming said China can now start counting on a revival of exports to help growth.

cheap Canada Goose Exports were still likely to fall for 2008 as a whole, but the worst of the year on year declines was over, he said. believe this bottoming out process will be unbalanced and choppy, and we are already in the midst of it, Chen told reporters. cheap Canada Goose

Exports fell 23.0 percent in July from a year earlier, and imports were down 14.9 percent, the government said on Tuesday.

Canada Goose sale However, after adjusting for the number of working days, exports rose 5.2 percent from June and imports rose 3.5 percent. Canada Goose sale

Huang Guohua, director of international trade statistics analysis at the customs administration, said exports for all of 2009 were likely buy canada goose jacket cheap to Canada Goose online post a double digit decline.

Canada Goose Jackets But he told a business group that he expected a significant improvement in the fourth quarter and exports in December might be flat or higher than in the same month last year. (Additional reporting by Aileen Wang and Lucy canadagoosesale.info Hornby; editing by Patrick Graham) Canada Goose Jackets.

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