Broad credit growth edged up from its historic low in October, supported by faster government bond issuance as local authorities stepped up fiscal support, alongside a rebound in corporate bond financing following September’s contraction. But credit growth remained very weak, weighed down by subdued demand for bank loans, while the recent equity market sell-off also depressed equity financing. We expect the PBOC to rely on targeted tools for now and only resume easing next year.
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