Loan growth slows

Loan growth slowed significantly in the first seven months of this year, the People's Bank of China (PBOC) said. By the end of July, outstanding loans of all financial institutions stood at 18.1 trillion yuan (US$2.18 trillion), up 15.9% on a year-on-year basis. Loans grew by 23.2% in the same period a year earlier. The central bank said the lower growth track was further proof that the government efforts to cool the economy were working.