Chinese lending unexpectedly and drastically slowed in July to the lowest level since the depths of the global financial crisis, with a weak property market appearing to drive down demand for new loans, despite recent moves to ease credit.
A broad measure of new credit was 273.1 billion renminbi, or $44.3 billion, in July, the central bank reported on its website Wednesday. That is the lowest monthly total since October 2008, the month before China announced a huge stimulus program that was seen as crucial to China’s success in avoiding the deep recessions in the United States and Europe.
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Michael Forsythe, New York Times via CHINA US Focus http://ift.tt/1lURc7f
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