RTTNews | Sep 10, 2021 07:22AM EDT

07:22 Friday, September 10, 2021 (RTTNews.com) - China's bank lending increased less than expected in August, reports said citing data from the People's Bank of China on Friday.

New yuan loan increased to CNY 1.22 trillion from CNY 1.08 trillion in July. The expected level was CNY 1.3 trillion.

At the same time, total social financing rose to CNY 2.96 trillion in August, well above the forecast of CNY 2.75 trillion.

M2 money supply expanded 8.2 percent annually, weaker than the expected rate of 8.4 percent.

With the PBoC now shifting gears to a slightly more supportive stance, credit growth may level off in the coming quarters, Julian Evans-Pritchard and Sheana Yue, economists at Capital Economics, said.

But the usual lags mean that tight credit conditions will remain a headwind to economic activity in the near-term, the economist added.

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