A further slight pick-up in credit growth last month was given a big helping hand from government bond issuance as local governments were instructed to issue their annual allocation of bonds by the end of June. That suggests the acceleration could stall or even reverse this month. There’s no sign in the data of large-scale stimulus.
China Drop-In (Friday, 15th July): Did China’s economy contract in the second quarter? How much stimulus is the government willing to pump in to drive a recovery? Join our China team for a briefing after the release of the NBS Q2 report on Friday. Register here.
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