Vi e w p o i n t | 14 Aug 2026 11:57:15 ET │ 10 pages China Economics Still Weak Credit Demand Amid PBoC Policy Caution CITI'S TAKE Credit data in July came in mixed. Government bond supported new TSF, but corporate credit demand stayed subdued, and household deleveraging continued. This doesn't bode well for a pickup in investment or consumption in the near term. We see increasing risks that the PBoC will delay an outright rate cut further. The central bank appears to prefer reforms, as de facto rate cuts ...