Chinese banks extended RMB 1.06 trillion ($150.06 billion) in new RMB loans in July, down from June and falling short of analysts’ expectations, reported Reuters.
Analysts polled by Reuters had predicted new RMB loans would fall to RMB 1.25 trillion in July, from RMB 1.66 trillion in the previous month and compared with RMB 1.45 trillion a year earlier.
Broad M2 money supply in July grew 8.1% from a year earlier, central bank data showed on Monday, below estimates of 8.4% seen in the Reuters poll. It rose 8.5% in June.
Despite a flurry of growth boosting measures since last year, including a push by regulators to ramp up lending, domestic demand in China has remained sluggish.