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Money Is Still Flowing Through China's Economy

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Inside the PBOC's Efforts to Tame China's Growth

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China’s broadest gauge of new credit showed money is still flowing through the economy, even as authorities continue to rein in some areas of shadow lending.

Slowing money supply growth is evidence of the PBOC’s quest to stem the riskier borrowing between financial institutions without choking off credit to an economy that’s already cooling. That challenge is made more pressing by the approach of the 19th Party Congress next month, a period when policy makers may prize stability above other objectives like addressing broader debt levels.