China‘s new bank loans tumbled in July and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy. | Reuters
to step up support for the economy amid the tortuous post-COVID recovery, followed by a raft of similar pledges from various government agencies. But details so far have been scant, disappointing investors.officials have pledged to use policy tools such as reserve requirement ratio cuts to ensure reasonably ample liquidity.cut its benchmark lending rates in June by a modest 10 basis points, the first such reduction in 10 months.
“The poor lending data reflects weak financing demand from the real economy.” said Luo Yunfeng, an economist at Huajin Securities. “It’s not good to force companies to borrow money when they don’t need it.” Some economists have flagged the risk of a balance sheet recession, as Chinese households and private firms build up savings and reduce borrowing and spending after three years of strict COVID curbs.
More fiscal stimulus is also expected, with local governments — many of which are already heavily indebted — being told to speed up bond issuance to fund infrastructure projects.data, decelerating from 11.3 percent in June and the slowest pace since April 2022. Analysts had expected it to expand by 11 percent.from the year before, the lowest so far this year, compared with 11.3 percent
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