China released its November credit growth data Friday night and the result was ahead of expectations and enough to suggest China’s glide path remains intact. Total social financing was 1.15 trillion yuan within which banks contributed 827 billion yuan:
The year on year growth rate rebounded to down 6.5% and is trending towards flat or even some growth:
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The fundamental reason for slowed credit remains. Shadow banking bounced off its lows but remains in a steep downtrend as a percentage of credit: