Global Market | China’s slower loan growth is becoming the new normal: PBOC Governor Pan Gongsheng

China’s slower loan growth is emerging as a new normal as weakening property and local government sectors reduce credit demand faster than emerging industries can make up for it, PBOC Governor Pan Gongsheng said. Although new bank lending recovered in August from July’s record contraction, it remained below market expectations, with weak household and business borrowing continuing to weigh on overall credit growth.

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