China reported weak credit growth for July, adding to concerns about domestic demand. Developer Country Garden faced continued pressure after warning that it is facing a loss of up to 55 bln CNY for the first half of the year. The firm has reportedly hired China International Capital Corporation to assist with debt restructuring.
China’s July New Loans CNY345.9 bln (expected CNY800.0 bln; last CNY3.05 trln),
July total social financing CNY528.2 bln (expected CNY1.10 trln; last CNY4.22 trln),
July outstanding loan growth 11.1% yr/yr (expected 11.3%; last 11.3%)