CNY bearish: China’s confidence plummets as outstanding loans hit record low
Today, the People’s Bank of China (PBoC) revealed the country’s latest figures for both new and outstanding loans data for May 2024. Outstanding loan growth hits new record lowOut earlier today were PBoC’s outstanding loan growth figures for May 2024. Outstanding loans increased 9.3% last month, compared with May 2023. However, month-over-month, outstanding loans dropped from a 9.6% rise in April 2024 to 9.3% in May, according to today’s data. The reading of 9.3% is the lowest figure ever recorded for the country’s monthly outstanding loans data. What does the outstanding loans data mean?The P...