Share
Copied
People's Bank of China in Shanghai, China, Aug 31, 2020. /CFP
China's credit expansion slowed in July while bank deposits declined, central bank data showed Friday.
The country's new yuan-denominated loans totaled 16.08 trillion yuan ($2.22 trillion) in the first seven months of the year, representing a growth of 1.67 trillion yuan compared with the same period last year.
In July alone, China's yuan-denominated loans rose by 345.9 billion yuan, less than half the amount from a year ago. Meanwhile, yuan-denominated deposits decreased by 1.12 trillion yuan last month.
China's broad money supply, or M2, stood at 285.4 trillion yuan as of end-July, climbing 10.7 percent year on year.
The growth rate was 0.6 percentage points lower compared to the month before, and 1.3 percentage points lower than last year.
Outstanding yuan loans expanded by 11.1 percent in July from a year prior to 230.92 trillion yuan.
Looking ahead, Bruce Pang, chief economist and head of research at JLL Greater China, noted that the country needs to ensure that the supply of money and credit is steadily maintained at an appropriate level.
By doing so, domestic demand can be expanded for strong support to the real economy, Pang added.
Search Trends
SITEMAP
Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466
SITEMAP
Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466