Chinese credit remains weak

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Chinese credit data for August is just out and remains weak despite a rebound from July’s shocker. Total Social Financing came in at 957.4 billion yuan versus 1135 expected. Of that, bank loans were 702 billion yuan, as expected:

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Year on year growth remains very negative at -39%:

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And the percentage of loans generated by shadow banking is well down:

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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.