Chinese credit better but no cigar

Thursday 16 January 2025

Goldman with the details.

December total social financing (TSF) flows and new RMB loans came in above market expectations.

Total social financing (TSF flow, reported): RMB 2858bn in December, vs. Bloomberg consensus: RMB 2160bn, GS forecast: RMB 2400bn.TSF stock growth: 8.0% yoy in December, vs. 7.8% in November.

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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.