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China’s Credit Stabilizes as PBOC Encourages Banks to Lend

Vehicles travel past the People's Bank of China building in Beijing, China.
Photographer: Qilai Shen/Bloomberg
Updated on

China’s credit stabilized in October, largely due to seasonal factors and as the central bank encouraged banks to keep steady lending to the property sector amid a downturn in the economy. 

Aggregate financing was 1.59 trillion yuan ($249 billion) last month, the People’s Bank of China said Wednesday, down from 2.9 trillion yuan in September and compared with 1.4 trillion yuan in October last year. Growth in the stock of outstanding credit was unchanged at 10%.