--FILE--A Chinese clerk counts RMB (renminbi) at a branch of Industrial and Commercial Bank of China (ICBC) in Huaibei, east Chinas Anhui province, 9
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--FILE--A Chinese clerk counts RMB (renminbi) at a branch of Industrial and Commercial Bank of China (ICBC) in Huaibei, east Chinas Anhui province, 9 August 2013. New lending and social financing in China continued to shrink in July as credit demand remained weak amid economic uncertainties and curbs of over rapid credit expansion by the authorities. According to data released by the Peoples Bank of China on Friday (9 August 2013), Chinese lenders extended new loans of 699.9 billion yuan ($114.3 billion) in July, down by 160.6 billion yuan from Junes 860.5 billion yuan. Total social financing also dropped to 808.8 billion yuan, from Junes 1.04 trillion yuan, marking the fourth straight month of decline and a 21-month low. For most commercial lenders, credit demand from the real economy was still weak in July. A big drop in deposits also hindered banks from lending out more. In addition, because of lower expectations on foreign exchange purchases, which affects market liquidity, the banking industry is still facing big capital pressure, said Ni Jun, a banking analyst at Shenyin & Wanguo Securities. In July, yuan-denominated deposits among banks dropped by 257.3 billion yuan. Growth of Chinas manufacturing sector slowed to an 11-month low during the same period. The HSBC Purchasing Managers Index dropped to 47.7 in July, down from 48.2 in June. M2, a broad measure of money supply, however, increased by 14.5 percent year-on-year by the end of July, 0.5 of a percentage point higher than one month earlier. From January to July, total social financing stood at 10.96 trillion yuan, up by 2.13 trillion yuan from the same period last year. The growth of monetary aggregates slowed in July, reflecting the effects of a firmer monetary stance, especially toward shadow banking, said Louis Kuijs, chief China economist at the Royal Bank of Scotland Group.