China’s credit expansion cooled dramatically in April, running far below forecasts as both banks and households pulled back. A broad financing gauge rose under 630 billion yuan, versus roughly 1.2 trillion a year earlier, and new loans actually contracted. The biggest shock: households net repaid 786.9 billion yuan, the largest amount since 2010, with both medium and short-term borrowing dropping. Analysts warn the move could end the fixed-asset investment rebound, keeping domestic demand subdued.
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