China June new bank loans miss forecasts, some money gauges hit record lows

Chinese bank lending jumped less than expected in June while some key money gauges hit fresh record lows, highlighting weak demand in the world’s second-largest economy as the country’s top leaders prepare to meet to lay out longer-term policy goals.

The money and credit data, released by the People’s Bank of China (PBOC) on Friday, added to concerns over the struggling economy as a prolonged property crisis curbs investment and sours consumer confidence.