China’s new bank loans and credit measures fell in July, down 89% from June and below experts’ expectations.

The People’s Bank of China reported that Chinese banks extended 345.9 billion yuan ($47.80 billion) in new loans, down 89% from June.

This comes after record lending in the first half to boost consumption and investment.

China’s economic momentum has slowed due to weak domestic and foreign demand.

As a debt crisis in the housing sector developed, household loans and corporate loans fell.

China’s senior leaders committed to boost economic support during the post-COVID recovery, but details are scarce, disappointing investors.

Central bankers have promised to utilize Reserve Ratio decreases to maintain liquidity.