China’s New Credit Drops to 1.15 Trillion Yuan

By Dong Tongjian and Li Yuqian

(Beijing) — China’s broadest measure of new credit dropped in February from a record high a month earlier mainly because of intensified regulation over shadow banking and bond-market instability.

Total social financing (TSF) — which includes conventional bank lending and other forms of financing such as bond and equity issuance, trust loans and entrusted loans — dropped to 1.15 trillion yuan ($166.3 billion) in February from a record 3.74 trillion yuan in January, according to data released Thursday by the People’s Bank of China (PBOC).

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