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Credit growth slows faster than expected
By Zhang Fengming |
August 11, 2010, Wednesday
|
Online Edition
Online Edition
BANKS in China extended a smaller-than-expected 532.8 billion yuan (US$78.6 billion) of new yuan loans in July, the central bank said today.
The July new credit was down from June's 603.4 billion yuan, according to data posted by the People's Bank of China on its website.
M2, the broadest measure of money supply including cash and all deposits, grew 17.6 percent in July from a year ago, taming from June's 18.5 percent.
Monetary growth has been slowing down since hitting a record of 29.6 percent in November.
"The slowdown in monetary growth was sharper than expected, consistent with weaker than expected growth in other July data," Nikhilesh Bhattacharyya, a Moody's Economist.com associate economist, said today.
China today also posted its July data on industrial output and fixed assets investment, which showed downtrend of growth.
"The slowdown of July money growth is a welcome sign for policy makers concerned about monetary growth feeding into inflation."
The July new credit was down from June's 603.4 billion yuan, according to data posted by the People's Bank of China on its website.
M2, the broadest measure of money supply including cash and all deposits, grew 17.6 percent in July from a year ago, taming from June's 18.5 percent.
Monetary growth has been slowing down since hitting a record of 29.6 percent in November.
"The slowdown in monetary growth was sharper than expected, consistent with weaker than expected growth in other July data," Nikhilesh Bhattacharyya, a Moody's Economist.com associate economist, said today.
China today also posted its July data on industrial output and fixed assets investment, which showed downtrend of growth.
"The slowdown of July money growth is a welcome sign for policy makers concerned about monetary growth feeding into inflation."
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