The Chinese government stepped up efforts to re-energize the country’s economy in June, data showed Tuesday, pumping more money into the system and pressing banks to extend more loans.
Chinese banks, which Beijing uses as a policy tool, reported a stronger-than-expected 1.08 trillion renminbi, or about $170 billion, of new loans in June, nearly 20 percent more than market expectations.
The broad money supply, which includes cash, and checking and savings deposits, jumped 14.7 percent last month from a year earlier — the highest in 10 months, said the central bank, the People’s Bank of China.
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Reuters via CHINA US Focus http://ift.tt/1ymIp5v
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