China lending still weak

Advertisement

China’s new yuan loans for September is out and shows a rebound from the recent trough but still weak growth in the larger scheme of things. New yuan loans at banks were 857.2 billion versus 750 expected. But shadow financing was crap at 202.8 billion versus 400 expected:

fdgrwe

Year on year growth remains deeply negative at -24% if somewhat improved:

sep
Advertisement

And M2 below target at 12.9%:

m2

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.