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Morning Bites

🏦China’s aggregate financing declined 32% YoY in July to CNY 0.53tn, the lowest point since July 2014 (vs. -19% YoY in June), and missed the consensus of CNY 1.10tn. At the same time, traditional bank loans fell 49% YoY (+9% YoY in June), 57% below the consensus estimates. According to Trading Economics, although July is usually a weak month for financing activities, these dynamics underpin the slow economic recovery in China, with banks not in a rush to meet their lending targets in early 3Q23. In our view, this might keep weighing on domestic construction activity, and hence, China’s demand for industrial metals

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