Chinese credit decelerates faster

Tuesday 13 February 2018

The Chinese slow down is locked and loaded and getting worse. Credit for January is out and the trends are unmistakable. Total Social Financing was down -18.4% year on year to 3.06tr yuan. Bank lending was a high proportion of that at 2.9tr:

The shadow bank component tumbled to just 5.2%:

The rolling annual for new loans has clearly rolled over:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.