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Update 2 surprisingly weak china july money data cast doubts on recovery

(Adds more details)BEIJING Aug 13 The amount of money flowing into China's economy slowed to the lowest level in nearly six years in July, adding to fears that a sustained recovery may be at risk in the second half of the year despite government efforts to shore up growth. Both the central bank and economists had expected some payback in July after unexpectedly strong financing data in June, but new loans and money supply growth were far below economists' expectations. China's total social financing (TSF) aggregate, a broad measure of liquidity in the economy, fell to 273.1 billion yuan ($44.34 billion) in July, about one seventh of that in June and the lowest monthly reading since October 2008 in the depths of the global financial crisis. The People's Bank of China took the unusual step of issuing a statement immediately after the data, reassuring markets that credit and financing growth was still reasonable and that it had not changed its monetary policy. Still, it conceded the slowing economy, and in particular the cooling property market, were dampening loan demand and highlighted the risks of pumping too much money into a softening economy too quickly, citing the growing number of bad loans. Non-performing loans have now risen for 11 straight quarters, the central bank's statement said."It's surprising. On the face of it, we've not observed any tightening of monetary conditions by policymakers," said Louis Kuijs, an economist at Royal Bank of Scotland in Hong Kong."I don't know if this has anything to do with disagreements between policymakers. In its recent monetary policy report, the central bank warned of continued risks in fast credit lending."Chinese banks made 385.2 billion yuan ($62.53 billion) worth of new yuan loans in July, down sharply from 1.08 trillion yuan in June and well below expectations of 727.5 billion yuan, central bank data showed on Wednesday.

The People's Bank of China said in its second quarter policy report earlier this month that it will maintain reasonable growth in credit and social financing and fine-tune its monetary policy in a timely way. But it also sounded a cautious note by saying that bank credit is already too large and it needs to be mindful of inflationary risks. That echoed analysts' concerns about how much of June's loan surge was going into real economic activity and how much may be going into speculative activities. Broad M2 money supply rose 13.5 percent last month from a year earlier, the People's Bank of China said in a statement on its website, this site, lower than the forecast 14.4 percent rise. Outstanding yuan loans grew 13.4 percent from a year earlier versus forecasts for growth of 14.0 percent.

Beijing stepped up efforts to re-energize China's economy in June, pumping more money into the system and pressing banks to extend more loans. Those steps and other stimulus measures earlier in the year appear to have offset the drag from a weakening property sector and sluggish exports, but analysts say more support may be needed to sustain a recovery. China's main stock index, the Shanghai Composite Index , reversed early gains and fell 0.8 percent after the credit data was released."Many investors have been waiting for July's economic data to decide their investment strategy after the market's recent gains," said Xiao Shijun, analyst at Guodu Securities in Beijing."Now that the credit data lagged far behind market expectations, that is really a hit at market sentiment."

Data on industrial output, retail sales and investment will be released later in the day. Investors will be looking for signs of whether softness in the property market is spreading into the rest of the economy, which would pour cold water on hopes that the economy was slowly regaining traction. Recent factory surveys suggested China's economy has regained momentum due largely to a spate of government measures, but weakness in imports and the services sector have raised questions about whether authorities need to do more to sustain activity. The surprising and sudden weakness recently seen in services appeared linked to the cooling property market, which may be facing a prolonged slump that could hurt related businesses and dampen consumer confidence. After the economy got off to a rocky start early in the year, Chinese authorities have rolled out a series of policy measures such as increasing bank lending, easing controls in the property market, and accelerating the construction of some infrastructure projects. A growing number of local governments have also relaxed restrictions on home purchases in a bid to cushion the impact of the faltering property market. But Chinese leaders have vowed not to unleash a massive aid package like the one adopted in 2008/2009 to shield the economy from the global financial crisis. That plan also fueled inflationary pressures and left some municipal governments loaded with debt. Fitch Ratings warned last week that the loosening of restrictions on property purchases and the easing of monetary policies in China may unintentionally increase speculation on residential property, as was seen in 2009. Stimulus measures helped lift China's economic growth to 7.5 percent in the second quarter, from an 18-month low of 7.4 percent in the first quarter of this year. However, some experts including the International Monetary Fund have urged China to refrain from further stimulus measures and concentrate instead on reforming the world's second-biggest economy.

Your money solve a buddhist riddle about managing your money

A Zen "koan" is a Buddhist riddle designed to get you thinking. So here is one: your money situation is not really about the numbers. That is what Bari Tessler wants you to ponder for a minute. The Boulder, Colorado-based financial therapist and author of the newly-released book "The Art of Money," who puts her master's degree in psychology to use by running a year-long "money school" for clients. She also knows that behind every budget or spreadsheet, there is layer upon layer of volatile factors, including emotions, family histories, habits and dreams. She sat down with Reuters to chat about how understanding your money can actually help you understand yourself. Q: This is a different kind of money book, talking about things like emotions and healing and spirituality. What made you want to write it?A: I think more and more people are looking for a more holistic and values-based relationship to money. I don't think that approach is weird or extreme - in fact, it is the missing ingredient for most people. Q: What is behind your argument that money issues are not really about the numbers?A: Knowing your numbers is part of it, but understanding money issues goes so far beyond that. For most of us, money is so emotional that we need to find the tools and practices to deal with those emotions - the anger, the sadness, the anxiety. Such a cocktail of emotions comes up that you have to understand your upbringing and your own money story.

Q: What is the "Body Check-In," and why is it such a big part of your advice?A: That is probably my favorite tool of all. A Body Check-In means taking some time whenever you face a money decision - maybe 30 seconds, maybe a few minutes - and just paying attention to what your body is telling you. I invite people to pause and notice what your feelings are, whether you are checking accounts online or having a money conversation with your partner. Q: What are the three stages you lay out to get on a better money track?

A: Money Healing, Money Practices and Money Maps - in that order. You need to start with the emotional and psychological work first. Then you can start getting into tracking systems and looking at your numbers. Finally you can look at stuff like future planning. Q: Why are Money Dates with your partner and with yourself so critical?A: Money is part of life and you have to give it attention. So take something like five minutes a day, or 30 minutes a week, and sit down and give your money issues some care and nurturing. I try to make those dates meaningful. I light candles, get out some dark chocolate or a glass of wine.

Q: Why do you suggest that people go through 'Money Cleanses' once in a while?A: People do body cleanses all the time. Once, someone asked me what would a money cleanse look like? It means removing things from your normal lifestyle for a while, which can be very helpful to your budget. For instance, sometimes when money is tight, my husband and I go into "Maximum Lockdown" mode to reduce our spending. It makes it kind of fun, and it does not have to be forever. Q: Why should people draft different sets of budget projections?A: Most bookkeeping systems have just one set of budget projections. That felt too tight and rigid for me. So I suggest people have three different budgets: one for covering basic needs, one for a more comfortable lifestyle and one for the ultimate lifestyle we all hope for. Pick one track to follow for six months or a year, and then tweak or fine tune along the way - because life happens. Q: Your book talks about leaving a money legacy for the past, present and future. What is yours?A: I had to untangle a lot of dynamics with my father, who was very tough on me, but also gave me a lot of gifts like entrepreneurship. My current legacy is teaching others about understanding themselves and their relationship with money, and my future legacy will involve the money lessons I am passing along to my eight-year-old son.

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