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A bank employee counting 100-yuan notes at a bank counter in Nantong, in China’s eastern Jiangsu Province on June 13, 2023. STR/AFP via Getty Images
New bank loans in China contracted last month for the first time in 20 years, new data released on Aug. 13 show.
In July, new yuan loans declined by 50 billion yuan ($6.97 billion), following the 2.24 trillion yuan ($312.2 billion) increase in June. This represented the first monthly decline since July 2005.
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