Chinese credit just cratered (members)


A major alarm bell just rang in China with the release of July credit figures. They crashed versus expectations.

New yuan loans were 385.2bn versus 780.0bn expected and and prior was 1080:


Aggregate social financing was 273bn yuan versus 1500.0bn expected and prior was 1970bn implying that shadow banking credit contracted 112bn in the month:


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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.