China credit growth falls on tepid economy

BEIJING: China’s broadest measure of new credit slumped to the lowest in 15 months in October, adding to evidence six central bank interest-rate cuts in a year have yet to spur a sustained pick up in borrowing.

Aggregate financing slumped to 476.7 billion yuan (US$75bil), according to a report from the People’s Bank of China. That was lower than all 25 economists’ projections and less than half the median forecast 1.05 trillion yuan.