China was seen likely to roll out more economic stimulus after credit grew at its slowest pace on record last month and property sales contracted, with Beijing seeking to stabilise flagging growth ahead of the expected hit from US tariffs.

China’s central bank has already loosened monetary policy — including cuts to banks’ reserve requirements and other cash injections designed to encourage lending — in response to the growth slowdown. That marked a policy shift from earlier attempts to stifle excess lending and contain financial risks from a decade-long debt boom. 

But the new data suggests the impact from monetary easing has so far been muted. Broad credit — including bank loans, bonds and non-bank credit — grew at its slowest annual pace on record at 11.1 per cent last month, according to central bank data released late on Tuesday.