China's July new loans dip more than expected, further easing seen
BEIJING - China’s banks extended surprisingly fewer new yuan loans in July, while growth of money supply and total social financing also slowed, raising pressure on the central bank to ease policy further to support the slowing economy.
Chinese banks extended 1.06 trillion yuan in new yuan loans in July, down from June and falling short of analysts’ expectations, according to data released by the People’s Bank of China on Monday. Broad M2 money supply in July grew 8.1% from a year earlier, central bank data showed, below estimates of 8.4% seen in the Reuters poll. It rose 8.5% in June.
In July, TSF fell to 1.01 trillion yuan from 2.26 trillion yuan in June. Analysts polled by Reuters had expected 1.5 trillion yuan.
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