Total social financing availability jumps in June

Official data showed that total social financing, the broadest measure of the country's credit growth, increased by a total of 9.75 trillion yuan ($1.46 billion) in the first half of this year.

This level of credit growth is appropriate for the broader economy, but more targeted polices are needed to help boost financing in the private sector, according to Sheng Songcheng, head of the surveys and statistics department of the People's Bank of China.

The total social financing increase in May was 659.9 billion and market expectations were for a June rise of 1.1 trillion. However, the actual rise showed a bigger-than-expected June stimulus amounting to 1.63 trillion yuan.