Down, down, credit is down in China

April new yuan loans were out over the weekend and the slowing trends are intact. Bank credit printed at 1180bn yuan while total social social financing measured 1560bn:

This was up 12% year on year but the 3MMA remains in the red:

Shadow banking remains a shadow of its former self:

M2 tacked on a point to 8.3%:

And the rolling annual eased up a touch:

But, under the bonnet, mortgage growth is still slowing:

And when we account for bond issuance, broad credit still fell again to 12.1%:

Driven lower by the local government fade:

In sum, slowing eased but the trend is still firmly down. Growth and bulk commodity prices to follow in due course.