Mubasher: Chinese bank lending during September came more than expected, as the authorities boosted their efforts to stabilise sluggish economy as US trade pressures mount.

Chinese banks extended 1.69 trillion yuan (CNY) ($239 billion) in new loans last September, compared with CNY 1.21 trillion in August, data by People’s Bank of China (PBoC) showed on Tuesday.

New yuan loans were expected by Reuters to rise to CNY 1.4 trillion.

Medium and long-term corporate loans were picking up, as property loan growth was losing pace, the PBoC’s statistics department head Ruan Jianhong said on Tuesday.

Household loans, mostly mortgages, rose to CNY 755 billion last month, up from CNY 653.8 billion in the preceding month, while corporate loans climbed to CNY 1.01 billion, up from CNY 651.3 billion.

The growth pace of broad M2 money supply came in at 8.4% in September on an annualised basis, unchanged from the prior month.

Outstanding yuan loans rose by 12.5% year-on-year last month, ticking up from 12.4% in the preceding month.

PBoC on Tuesday said that credit demand from the real economy remained relatively resilient, while credit support for the real economy is growing.

By 1:07 pm GMT, the USD/CNY pair rose by 0.18% to CNY 7.0805.