China's New Yuan Loans Fall at Record Rate in July

MT Newswires Live
08/17

New yuan loans extended by Chinese banks fell by 340 billion yuan in July from June, marking the sharpest rate of drop on record, according to data from the People's Bank of China (PBOC) released late Friday.

The contraction was worse than the consensus forecast of a 50 billion yuan drop, tracked by Investing.com.

It compared with the 1.61 trillion yuan increase in new yuan loans in June.

At the end of July, the outstanding balance of new yuan loans stood at 286.1 trillion yuan, up 5% from a year earlier.

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