China’s credit expansion was largely steady in May after a sharp slowdown in the previous month, as the central bank seeks to scale back stimulus in a gradual manner to prevent risks.
Aggregate financing was 1.9 trillion yuan ($297 billion), the People’s Bank of China said Thursday, unchanged from April and lower than 3.2 trillion yuan in the same month last year. The median estimate in a survey of economists was 2 trillion yuan
Financial institutions offered 1.5 trillion yuan of new loans in the month, the same amount as in April. Economists projected 1.4 trillion yuan