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7月新增人民币贷款3559亿元,较上月大降11745亿元。一些市场人士由此对年内经济回升的可持续性表示忧虑。而笔者认为,这其实是一种良性回落,表明影响经济稳定运行的风险正在释放。数据本身不值得悲观。第一,消除票据融资影响,7月新增信贷将达5000亿元左右,与市场预期的可接受水平基
In July, RMB loans increased by 3559 billion yuan, a drop of 1,174.5 billion yuan from the previous month. Some market participants expressed concern about the sustainability of the economic rebound during the year. In my opinion, this is actually a benign fall, indicating that the risks affecting the stable operation of the economy are being released. The data itself is not worth pessimism. First, to eliminate the impact of paper financing, new credit will reach about 500 billion yuan in July, with the market’s expected level of acceptable base