China's Credit Growth Exceeds Forecasts Despite Rare Loan Slump

3-line summary

• China's aggregate financing rose 1.4 trillion yuan ($209 billion) in July, above a median forecast of 1 trillion yuan, according to a Bloomberg report via Yahoo Finance citing People's Bank of China data.
• Financial institutions recorded a 340 billion yuan contraction in new yuan loans for the month, a sharper drop than the forecast 100 billion yuan decline; the new-loans gauge has contracted only twice in the past two decades before this release.

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