News Column

China Credit Growth Weakens Notably In July

August 12, 2014

BEIJING (Alliance News) - China's aggregate financing came in at a weaker-than-expected level in July, but the central bank said aggregate financing and money supply will maintain stable growth.

The People's Bank of China on Wednesday said Chinese banks lent CNY 385.2 billion in July. It was well below expectations of CNY 780 billion and June's CNY 1.08 trillion lending.

Aggregate financing, a broad measure of credit, totaled CNY 273.1 billion compared to CNY 1.97 trillion in June. It was seen at CNY 1.5 trillion.

The broad measure of money supply, M2, growth slowed more than expected in July. M2 grew 13.5% year-on-year in July, slower than the 14.7% increase in June. Economists had forecast an annual growth of 14.4%.

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Source: Alliance News

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