This was out late yesterday but is important. New yuan lending figures for October were released and dived, from Bloomie:
Aggregate financing was 856.4 billion yuan ($140.6 billion), the People’s Bank of China said yesterday in Beijing, below all nine projections in a Bloomberg News survey. New local-currency loans of 506.1 billion yuan compared with the 580 billion yuan median estimate of analysts. M2, the broadest measure of money supply, rose 14.3 percent from a year earlier.
Here are the charts. First aggregate finance:
And the shadow bank share
China is tightening credit and, if sustained, this will flow through to growth in Q1 2014, exacerbating the downside already locked in with the depleting stimulus pipeline.