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China’s Credit Growth Disappoints in November as Bond Sales Slow
China’s credit growth was slower than forecast in November as government borrowing to finance stimulus eased off from the highs seen in October. Aggregate financing was 2.45 trillion yuan ($341 billion), the People’s Bank of China said Wednesday. That compares to 1.85 trillion yuan in October and almost 2 trillion yuan in the same month last year. The median estimate of economists was 2.6 trillion yuan. Financial institutions offered 1.09 trillion yuan of new loans in the month, versus a projected 1.3 trillion yuan. In recent months, China has shifted toward fiscal stimulus, getting authorities to sell more debt ... (full story)