Chinese credit keeps right on slowing

Tuesday 12 June 2018

The PBOC released May new yuan loans lat night and the slowing trends are intact. Banks loaned 1.15tr yuan in the month but non-banks choked down -389bn yuan:

Thus total social financing fell -28% year on year and the three month moving average is showing sustained losses for new credit:

Shadow banking share collapsed:

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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.