RMB loans contract in July
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July was a grim month for credit growth.
Per central bank (PBoC) data released Wednesday, outstanding total social financing (TSF) grew 9.0% y/y in July – up from 8.9% in June and the fastest pace since February 2024.
But outstanding RMB loans rose just 6.9% y/y – down from 7.1% in June and the slo...