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New CNY Loans at Lowest Since 2017

  • China's aggregate financing data comes in well below expectations at 907.9bln vs. Exp. 1.6bln, with New CNY Loans at 615.2bln vs. Exp. 800bln.
  • That's a significant miss for Aggregate financing and new CNY loans data, with Aggregate financing below even the lowest submitted estimate on BBG.
  • Aggregate financing now the second-lowest since early 2020 while new CNY loans the lowest since late 2017

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