China's credit growth picked up in June to shore up economy recovery

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China’s new bank loans rose more than expected in June from the previous month, mainly driven by lending to the corporate sector, while broad credit growth also picked up substantially, as the central bank seeks to shore up the post-Covid recovery in the world’s second biggest economy.

Chinese banks extended 2.12 trillion yuan ($327 billion) in new yuan loans in June, up from 1.5 trillion yuan the previous month, data from the People’s Bank of China (PBOC) showed on Friday, compared to expectations of 1.8 trillion yuan in a Reuters . . .

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