高盛：中国经济-4 月贷款和信贷数据弱于预期

14 May 2025 | 8:33PM HKT China: Weaker-than-expected loan and credit data in April Bottom line: April total social financing (TSF) flows and new RMB loans came in below market expectations, mainly due to weaker expansion of corporate loans. Bill financing surged in April, indicating soft corporate loan demand. That said, official media commented that April loan growth adjusted for the ongoing debt swap program should exceed 8% yoy. M2 growth jumped in April, partly due to a low base last year that was affec ...