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Via Credit Suisse this time:
1. Credit tightening
Credit has been steadily tightening in China with total social credit growth at historical lows. Credit momentum tends to lead IP by five months, and is pointing to a sharp slowdown in the latter, as shown in Figure 4 below.
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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.
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