China’s credit surge rolls on

Thursday 12 November 2020

No end in sight to the latest round of Chinese debt with October leading at 690tr yuan for banks and 1.42tr for total social financing:

New loans are thumping along:

The rolling annual says it all:

Non-bank finance is back big but it’s not so much shadow these days as it is bonds:

M2 fell away a bit:

But broad credit keeps on keeping on:

No waning of building in this data.

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.