Chinese credit continues to signal slowdown

Thursday 15 June 2017

China released May credit overnight and the numbers continue the trend of steady slowing. New bank loans cam in a 1.11tr yuan while total social financing was lower at 1.06tr yuan:

In short, shadow credit shrank as curbs bite:

Total loans were still up 60% year on year for May:

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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.