Bank lending increased notably to
In the first half of the year, banks lent
Total social financing, a broad measure of liquidity in the economy, came in at
M2, the broadest measure of money supply, advanced 14.7% year-on-year in June, the fastest since August, after rising 13.4% in May. The annual rate also exceeded the 13.6% expected by economists.
Further, foreign exchange reserves totaled
The rebound in credit growth last month has more to do with a weak base for comparison due to the cash crunch last year, than with the current policy stance,
According to Evans-Pritchard, continued large trade surpluses and net capital inflows will force the PBoC to intervene more heavily again to prevent rapid renminbi appreciation.
In June, the
As investors remain cautious about
In the first half,
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