July credit – Continued government bond front-loading, weaker household credit demand: Government bond issuance remained strong (Rmb1.2trn, vs. Rmb0.7trn in Jul-24), accounting for the bulk of broad credit uptick. But this was partly offset by a larger-than-seasonal dip in new household loans, reflecting the transitory suspension of consumption trade-in programs and a slowing property market. Outlook: Credit growth appears set to slow from Aug. on fading fiscal impulse... Government bond financing – the key ...