Chinese credit is still soft

David Llewellyn-Smith

Friday 21 February 2020

Before COVID-19 that is. New yuan loans for January came in at 5.07tr with banks at 3.34tr:

Shadow credit is rebounding slowly as Bejing becomes desperate:

M2 is still struggling at 8.4%:

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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.