China August Bank Loans Pick up but Well Below Forecast as Economy Struggles

From money.usnews.com

China's new bank loans recovered in August but were much lower than expected after unexpectedly contracting in July, as a protracted property slump and the government's campaign to rein in industrial overcapacity weighed on credit demand. Chinese banks extended 590 billion yuan ($82.84 billion) in new loans in August, bouncing back from a 50 billion yuan contraction in July - the first decline in 20 years, according to Reuters calculations based on data from the People's Bank of China (PBOC) on Friday. Analysts polled by Reuters had expected August new yuan loans would reach 800 billion yuan, compared with 900 ... (full story)