Citi economists say the People’s Bank of China is expected to remain cautious on interest rate cuts, even after new yuan loans fell by 50 billion yuan in July — the weakest monthly reading on record. Both short- and long-term household lending declined, though mortgage repayment issues are not seen as a major concern.
The bank noted that financial support for the economy remains strong and GDP growth should be sustained, helped by robust July export performance. However, they warned that Beijing’s clampdown on excessive competition could further weigh on already soft corporate demand, with corporate borrowing also falling last month.
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