China’s loan growth weakened sharply in April to the worst level in almost five years, with mortgage loans contracting again as Covid lockdowns and the property market slump disrupted economic activity and sapped borrowing demand. Financial institutions offered 645bn yuan ($94.9bn) of new loans in the month, down from 3.1tn yuan in March, the People’s Bank of China (PBoC) said yesterday. That was the lowest level since December 2017 and less than half the estimate of 1.5tn yuan. Aggregate financing, a broad measure of credit, stood at 910bn yuan, the worst level since February 2020 when the whole country was basically locked down to control the first outbreak of Covid-19. The stock of outs
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