China Credit Growth Misses Forecasts as PBOC Flags ‘New Normal’

China’s bank loans and broader credit growth fell short of market expectations in June, as the central bank urged investors to look beyond lending volumes toward a “new normal” of higher-quality financing.

Financial institutions extended 1.61 trillion yuan ($238 billion) in new yuan loans last month, dropping nearly 30% from a year earlier and trailing the 1.88 trillion yuan average estimate in a Caixin survey.