Aggregate finance grew 3.43 trillion in June compared to 3.19 trillion in May. Loan growth and bond issuance were the two main sources of credit growth in June and also the first half of 2020. Yuan loans increased by CNY1.81 trillion while new corporate bond issuance was CNY331.1 billion. These two items continued to grow in June. New government bond issuance (including local government special bonds) was CNY740 billion, down from May’s CNY1.136 trillion but still contributing significantly to the growth of aggregate finance. With this credit growth, we expect fixed asset investment to grow faster in June compared to ... (full story)