China Swap Rate Drops Most in Three Months on Lending Slowdown
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China’s one-year interest-rate swaps fell the most in three months on speculation a slump in lending will prompt more stimulus to bolster growth.
Aggregate financing, the broadest measure of credit, plunged to 273.1 billion yuan ($44 billion) in July, from 1.97 trillion yuan in June, according to official data released today. New yuan loans and M2 money supply also fell short of estimates, separate reports showed. Industrial output gained 9 percent last month, less than a projection of 9.2 percent, according to the statistics bureau.