Morning Bites

🏦China’s aggregate financing declined 19% YoY in June to CNY 4.22tn, after the 45% YoY drop in May. The fall was mostly due to the high comparison base in 2022: total financing beat the consensus by 41% in June. At the same time, traditional bank loans rose 9% YoY (-28% YoY in May), 30% above consensus expectations. It was also the largest amount of new bank loans for any June month since early-2000s, which is likely following Beijing's efforts to revive economic growth via reducing its key lending rates. In our view, this might support domestic construction activity, which, together with massive infrastructure projects, might bolster China's demand for industrial metals

#global 
https://metals-wire.com:3000/news-reports