January 25, 2016 / 7:08 AM / 5 days ago

China stocks fall as bank lending disappoints; more easing expected

* Shanghai shares down 0.6%, blue chips down 0.9%

* China’s July new loans dip more than expected

* UBS trims China 2019 GDP growth to 6.1% from 6.2%

* Yuan at right level now, PBOC official tells Reuters

HONG KONG, Aug 13 (Reuters) - Chinese shares fell on Tuesday after data showed banks extended fewer-than-expected new loans in July. ** The Shanghai Composite index closed down 0.6% at 2,797.26, while the blue-chip CSI300 index ended 0.9% lower. ** CSI300’s with financial sector sub-index was lower by 1.4%, the consumer staples sector was down 0.5%, the real estate index fell 1.1% and the healthcare sub-index declined 0.2%. ** The smaller Shenzhen index ended down 0.7% and the start-up board ChiNext Composite index was weaker by 1%. ** Chinese banks extended 1.06 trillion yuan ($150.06 billion) in new yuan loans in July, down from June and falling short of analysts’ expectations, according to data released by the People’s Bank of China on Monday. ** Analysts expect Beijing to allow more easing to energise growth. “Investors we spoke to are not yet convinced that announced easing measures will raise consumption and investments,” UBS China strategist Wendy Liu said in a note on Tuesday. The Swiss bank toned down its China 2019 GDP growth forecast to 6.1% from 6.2% previously. ** The PBOC lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday to reflect broad weakness in the local unit. ** China’s yuan is at an appropriate level currently and its fluctuations will not necessarily cause disorderly capital flows, a senior official at the People’s Bank of China told Reuters on Tuesday. ** China’s foreign exchange regulator said on Monday it does not expect disorderly depreciation of the yuan despite the impact from external factors such as trade frictions. ** At 07:34 GMT, onshore yuan was quoted at 7.066 per U.S. dollar, 0.11% weaker than the previous close of 7.0585. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.3%, while Japan’s Nikkei index closed down 1.1%. ** The largest percentage losers on the Shanghai index were Xiangpiaopiao Food Co Ltd down 7.8%, followed by Shanghai Shine-Link International Logistics Co Ltd losing 5.9% and Ningbo United Group Co Ltd down by 5.8%. ** So far this year, the Shanghai stock index is up 12.2% and the CSI300 has risen 21.8%. But, Shanghai stocks have declined 4.6% this month. ** About 13.09 billion shares were traded on the Shanghai exchange. The volume in the previous trading session was 13.16 billion. ** As of 07:35 GMT, China’s A-shares were trading at a premium of 31.64% over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. (Reporting by Noah Sin; editing by Uttaresh.V)

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