China unleashes flood stimulus!

Tuesday 14 April 2020

Or does it? Over Easter, China reported new yuan loans for March. The numbers were big at 5.15tr yuan TSF and 2.85tr bank loans of that:

Shadow finance has returned:

But the three-month moving average adds some sobriety to the numbers, with it much lower than previous flood stimulus episodes:

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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.