China new bank loans tumble more than expected amid property jitters

BEIJING -New bank lending in China tumbled more than expected in July while broad credit growth slowed, as fresh COVID flare-ups, worries about jobs and a deepening property crisis made companies and consumers wary of taking on more debt.

Chinese banks extended 679 billion yuan ($101 billion) in new yuan loans in July, less than a quarter of June’s amount and falling short of analysts’ expectations, data released by the People’s Bank of China (PBOC) on Friday showed.

“Credit growth dropped back last month, with property market jitters weighing on bank lending,” Capital Economics said in a note. “It may continue to disappoint in the near-term given that sentiment among homebuyer…

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