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China’s Loan Extension Picks Up as Rate Cut Likely Aided Lending
China’s new loans accelerated in June, with a central bank interest rate cut in the middle of the month likely helping to boost lending. Aggregate financing, a broad measure of credit, was 4.2 trillion yuan, the People’s Bank of China said Tuesday. That was higher than the median estimate of 3.1 trillion yuan in a Bloomberg survey of economists, and compares with 5.2 trillion yuan in the same month a year ago. Financial institutions offered 3.05 trillion worth of new loans in the month, above economists’ forecasts of 2.3 trillion yuan and compares with the 2.8 trillion yuan a year ago Despite the rate cut and ... (full story)