China’s broadest measure for new credit fell as senior officials resisted calls for monetary stimulus, Bloomberg reported, citing official data. Aggregate financing fell from RMB1.55 trillion (US$249 billion) in April to RMB2.07 trillion in March. New local-currency bank loans were RMB774.7 billion, down from RMB1.05 trillion the previous month. Even as a bearish property market and poor manufacturing data threaten to slow China’s economy, the reluctance to issue new credit suggests the country’s leaders are willing to accept lower growth rates.
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