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China credit growth slowed in July

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Justin had the data posted yesterday here:

New credit creation was at its slowest since February of 2020 in July. July can sometimes be a seasonally weak month after a rush each June when banks increase lending at the end of the second quarter.

The indicated slowdown in aggregate financing in the month is not likely to persist. Stimulus should roll on given to loss of momentum in the economy and the renewed outbreak of delta variant coronavirus, the pace of targeted fiscal & monetary support is likely to be increased. .  

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