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Cut in bankcard spending
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CHINESE bankcard owners’ sentiment fell to the lowest level in nearly two years in August amid the country’s sluggish macro-economic situation.
The Bankcard Consumer Confidence Index shed 2.97 from July to 83.76 points last month, the lowest level since the beginning of 2013, after the Purchasing Managers’ Index slipped last month amid slowing manufacturing activities and demand, China UnionPay, the country’s sole bankcard transaction firm, said in a report yesterday.
Sentiment among consumers was dampened as property transactions continued to be sluggish as the average price of new homes fell for the fourth straight month in August.
Consumer desire to spend was also dented when pressure built up over short-term capital after new bank lending fell surprisingly in July to the lowest in nearly five years.
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