China's July bank lending set to dip, keeps Beijing focused on policy support: Reuters poll
BEIJING - China's new yuan loans likely fell sharply in July from the previous month, a Reuters poll showed on Friday, dragged down by tepid credit demand and seasonal factors even as the central bank steps up policy support for the economy.
While seasonal factors are likely to have dented net new loans in July, year-on-year lending growth - which reflects underlying trends - may show some steadying, analysts at Capital Economics said in a note. Broad M2 money supply growth in July was seen at 6.1%, down further from 6.2% in June, according to the median estimate in the survey of 26 economists.
A prolonged property downturn and weak household income growth expectations have soured business investment and consumer confidence. July economic indicators showed exports growth slowed but consumer prices rose at a faster-than-expected pace, partly due to weather disruptions to food supplies.
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