Chinese credit slowdown steepens

Tuesday, 12 December 2017

Chinese new yuan loans for November were out last night. The headline numbers beat expectations and markets rallied as Total Social Financing came in at 1.6tr yuan. Bank lending was 1.12tr of that:

However, new lending was down year on year by -8% and the year on year three month moving average is down to 4.6%:

Shadow banking slowed to 30% of loans:

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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.