Economic Buzz: China bank lending declines in July

China's new yuan loans declined in July for the first time in 20 years, reports said citing data from the People's Bank of China on Wednesday.

New yuan loans declined CNY 50 billion in July, while economists expected lending to fall to CNY 300 billion from CNY 2.24 trillion in June.

Earlier this week, the Ministry of Finance unveiled an interest subsidy policy on loans for both households and businesses.

Chinese authorities announced interest rate subsidy on Tuesday for businesses in eight consumer service sectors and also offered interest subsidies for qualifying personal consumption loans.

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