591.8 billion, short-term loan growth in new credit slump in April

The surge of credit lending in the first quarter of April finally stalled. According to data released yesterday by the central bank, the new renminbi loan of 591.8 billion yuan in April, compared with the 1.89 trillion quarter-on-quarter contraction of last month more than 1 trillion yuan, Shing short-term loans have appeared 78.6 billion yuan negative.　　In spite of the sharp drop in new credit, the year-on-year increase of 122.9 billion trillion yuan, up 29.72% per cent, while the broad money supply (M2) in the end of April grew by 25.95%, compared with the end of last month's higher than 0.47%. Several experts and bankers surveyed said the credit increase in April was expected, although a sharp drop in the first quarter, the year-on-year growth rate remained at a high level and a more sustainable credit growth scale.　　With ample market money, there will not be much change in the short-term monetary policy of the central bank, which is less likely to be cut. Medium-term bills squeeze short-term loans in the growth of public loans, the month of new loans 444.6 billion yuan, more than 49 billion yuan.　　Among them, short-term loans reduced by 78.6 billion yuan, medium and long-term loans increased by 374.4 billion yuan, Bill financing increased by 125.7 billion yuan. A number of bank respondents told reporters that the April credit increase was expected, although a sharp decline in the first quarter, but the year-on-year growth rate remained high. "Our growth in the April is still relatively stable, though not as violent as it was in the first quarter, but it has maintained the same level as in the previous year." For the public short-term loans and medium-and long-term loan growth is similar, the latter is mainly the first quarter of the project loan withdrawal mainly.　　"A large state-owned two-level branch of the general manager of the company said to reporters. In response to the current month's short-term lending to the downward trend, the respondents said the reason is more complicated. "There may be a number of factors, and a nationwide decline of nearly 80 billion is not a lot," he said. In the March, many enterprises and local governments through medium-term bills, trusts and other means of financing, and enterprises in this part of the funds to get the hand after the short-term loans are also normal behavior.　　"A joint-stock bank Guangzhou branch in charge of credit," said the assistant to reporters.　　China Bond Information Network statistics show that the first four months of circulation amounted to 279.6 billion yuan, than last year issued a total of more than 100 billion yuan, in April only 112.5 billion yuan in the issue of votes. In the eyes of the big line, the March end of the artificially adjusted repayment rhythm may also be one of the reasons for the April public short-term loans to turn downward. "At the end of the quarter, many loan banks maturing at the end of March will require customers to return in April to maintain the stock at the end of the month." April repayment is actually equivalent to two months of cumulative release.　　"A big line of people in the country said to reporters. Credit dropped to more sustainable levels yesterday's bankers told reporters that since April, the head office has not issued any orders to shrink the size of the order, but because of the first quarter, especially in March, the loan growth rate is too fast, so the April credit increase will be so big gap. According to the previous authoritative financial media reported that the major lines of aThe surge in credit in the quarter was convergent in April, and credit growth dropped sharply until the end of the month. Wang Qing, chief economist at Morgan Stanley's Greater China region in Hong Kong, said the drop in new lending was not surprising, as the first step in China's monetary policy was crisis management, and that phase should now be completed and its objectives reached. Although the new lending has fallen sharply, I do not think it shows how the policy direction will change.　　The next monthly average of new loans will be 4000.5 trillion yuan, which will be more sustainable growth of new loans.　　　Southwest Securities macroeconomic analyst Dongxiangan also said that the money and credit data is generally better than expected, commercial banks as soon as possible to seize the market competition, the next will not and do not need to maintain the previous monthly credit growth, in the short term can not see any policy changes in the central bank, interest rate adjustment is not possible. Our correspondent Locke