China's July new yuan loans contract by record ¥340 billion, credit impulse weakens

China's credit impulse is deteriorating. July new yuan loans saw a record ¥340 billion contraction. Outstanding loan growth fell to a record-low 5.1% YoY. The weakening credit impulse has historically preceded slower global growth and reduced risk appetite, which could weigh on US stocks. The data comes from a single unverified source.