August 13, 2025 01:44 PM GMT China Financials | Asia Pacific Continued rebound in M1 growth in July amid more rational loan growth is a good combo Key Takeaways RMB loan growth moderated to 6.8% yoy in July, with Rmb50bn decline in July, supported by a Rmb871bn increase in bills. Excluding bills, YTD new corporate loans added Rmb10.66tn, down 1% yoy. We believe the slowdown could be a result of continued industrial capex rationalization and LGFV swap. Household loans remained weak, especially consumption lo ...