China Credit Growth Weakens Notably In July

China's aggregate financing came in at a weaker-than-expected level in July, but the central bank said aggregate financing and money supply will maintain stable growth. The People's Bank of China on Wednesday said Chinese banks lent CNY 385.2 billion in July. It was well below expectations of CNY 780 billion and June's CNY 1.08 trillion lending. Aggregate financing, a broad measure of credit, totaled CNY 273.1 billion compared to CNY 1.97 trillion in June. It was seen at CNY 1.5 trillion. The broad measure of money supply, M2, growth slowed more than expected in July. M2 grew 13.5 percent year-on-year in July, slower than the 14.7 percent increase in June. Economists had forecast an annual growth of 14.4 percent. The material has been provided by InstaForex Company - www.instaforex.com
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