That compared to a projection by economists for 1.05 trillion yuan and September’s reading of 1.3 trillion yuan. The People’s Bank of China set the midpoint rate at 6.3614 per dollar prior to market open, 0.02 percent weaker than the previous fix 6.3602.
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The numbers come as a debt crisis at China Shanshui Cement Group Ltd. prompts lenders including China Construction Bank Corp. and China Merchants Bank Co.to demand immediate repayments and as weakness in October credit growth shows the risk of a deeper economic slowdown.
Broad M2 money supply grew 13.5 percent from a year earlier, slightly better than the poll forecast of 13.2 percent.
More security features were added, including widening the security strip, to make it “easier for machines to read” and “more convenient for the public to distinguish the authentic notes from the fakery”, the central People’s Bank of China (PBOC) said previously.
BEIJING-China’s commercial banks recorded a total of 1.19 trillion yuan ($186.9 billion) outstanding bad loans as the end of September, up 94.4 billion yuan from a quarter earlier, according to official data released Thursday. A few analysts and market participants expect additional cuts in interest rates and bank reserve requirements to encourage bank lending. Premier Li Keqiang said in an editorial in a state paper last week that China would continue to pursue effective investment, and plans are afoot to increase spending in the west of the country.
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“This will put an end to the argument of whether there will be further monetary policy (easing) in the near future”, Liu said. The figure marked the lowest level since July 2014.
