New loans, money supply growth down in July
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China.org.cn, August 15, 2011
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2. New loans, money supply growth down in July
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New loans denominated in yuan totaled 492.6 billion in July, 25.2 billion yuan less than a year before and lower than analysts expected. |
China's new lending fell to its lowest levels this year in July and money supply grew more slowly, adding to signs that the world's second largest economy is losing steam as fears of a global slowdown build. New loans denominated in yuan totaled 492.6 billion in July, 25.2 billion yuan less than a year before and lower than analysts expected. China's broadest measure of money supply, M2, ended July at 77.29 trillion yuan, expanding 14.7 percent from a year before – 1.5 percent slower than last month and 11.3 percent slower than last year. Tighter credit and slower money growth come as the Chinese central bank struggles to combat inflation, which rose to a three-year high of 6.5 percent in July, despite a leveling off in pork prices. Meanwhile, the price of eggs rose sharply last week to reach the highest level in three years on Saturday, indicating inflationary pressure from food prices remains substantial.
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