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China Money July 2019

China: Growth in new yuan loans and total social financing falls below expectations in July

In July, Chinese banks distributed CNY 1.06 trillion (USD 151 billion) in new yuan loans, a three-month low. The print was below the prior month’s CNY 1.66 trillion and market expectations of CNY 1.25 trillion; the drop in loans, however, was likely affected by seasonality. In the 12 months up to July, new yuan loans totaled CNY 16.4 trillion (12 months up to June: CNY 16.8 trillion).

Meanwhile, annual growth in M2—the broadest measure of money supply in China—eased to 8.1% in July from 8.5% in June, marking the softest reading since February. The print was short of the 8.4% rise that market analysts had expected.

Total social financing (TSF)—a broader measure of credit and liquidity in the economy that includes loans, bonds and other non-traditional instruments—fell from CNY 2.26 trillion in June to CNY 1.01 trillion. Market analysts had expected CNY 1.50 trillion.

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