New bank lending in China missed market expectations in June, as sluggish domestic demand weighed on appetite for borrowing.
Chinese banks extended 1.61 trillion yuan, equivalent to $237.75 billion, in new yuan loans in June, according to calculations by The Wall Street Journal based on data from the People's Bank of China on Wednesday.
While the reading was higher than the 520 billion yuan recorded in May, it fell short of the 1.95 trillion yuan expected by economists surveyed by The Wall Street Journal.
China's credit growth has repeatedly undershot market expectations as sluggish domestic demand weighed on spending and investment by companies and households.
In a press conference following the release of the credit data, Xie Guangqi, head of the PBOC's monetary policy department, said slower but higher-quality credit growth would be a "new normal" for the Chinese economy.
