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China’s credit growth slowed sharply in February, consumer loans hit the lowest on record

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China’s credit growth slowed sharply in February as the coronavirus outbreak brought the economy to a standstill. Short-term consumer loans hit the lowest on record as the people cut spending during the epidemic.

Chinese banks extended 905.7 billion yuan in new yuan loans in February, down from a record 3.34 trillion yuan in January and missing analyst expectations, according to data released by the People’s Bank of China (PBOC) on Wednesday.

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