Xi decrees crashing China credit fixed!

David Llewellyn-Smith

Monday 17 February 2025

You’ve just got to love China. Nothing that matters stays broken for long.

January credit data is out, coming in strong at RMB 7060bn in January, vs. Bloomberg consensus: RMB 6500bn.

Amusingly, the money supply data that has been telling the truth about how bad the Chinese economy is has been fixed!

M1 to the moon!

Of course, it still sucks…until next month.

My broad credit indicator is going precisely nowhere.

The Chinese economy is still in flatline.

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.