China projected lower Yuan loan than expected
Chinese financial institutions extended new yuan loans worth CNY 540.1 billion in July. It was expected local currency loans to be around CNY 700 billion during the month. The outcome was also weaker than CNY 919.8 billion-worth loans granted in June. However, it was CNY 48.5 billion more a year earlier. Foreign currency loans totaled CNY 7.3 billion in July. China's broadest measure of money supply, M2, rose 13.9 percent year-on-year. Narrow money or M1 rose 4.6 percent.