China new yuan loans keep falling

Friday, 16 October 2015

One the reasons for overnight excitement in stocks appears to have been upbeat Chinese bank lending data for September which beat expectation at 1005 trillion yuan versus 885 billion expected. The total figure was 1.3 trillion yuan when shadow banks are included. The headline numbers do look encouraging with a nice up trend developing from the mid-2014 nadir:

Headline year on year growth on the month was 22.6%, also solid:

This appears especially impressive when shadow banking continues its decline:

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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.