China January new bank loans hit record high on policy support

New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moves to shore up the sputtering economy. Banks extended 4.92 trillion yuan ($683.7 billion) in new yuan loans in January, hitting a record high, up sharply from December and beating analysts' expectations, data from the People's Bank of China (PBOC) showed on Friday. China's economy grew 5.2% in 2023, meeting the official target, but the recovery was far shakier than many analysts and investors expected, with a deepening property crisis, mounting deflationary risks and tepid demand casting a pall over the outlook for this year.