The credit slowdown joined a property slump in testing Premier Li Keqiang's economic expansion target of about 7.5 per cent this year. Photo: Bloomberg China's broadest measure of new credit unexpectedly plunged to the lowest level since the global financial crisis, adding risks to economic growth that is already headed for the weakest annual pace in 24 years. Aggregate financing was 273.1 billion yuan ($47.8 billion) in July, the People's Bank of China said on Wednesday in Beijing, compared with the 1.5 trillion yuan median estimate of analysts surveyed by Bloomberg News. New local-currency loans of 385.2 billion yuan were half of projections, while M2 money supply grew a...
↧