Chinese credit sags anew

For a stimulating economy, Chinese credit isn’t exactly lighting us up. October new yuan loans were out overnight at 729bn yuan social aggregate financing and only 697bn yuan in bank loans:

October is always slow but -30% year on year is slower than it ought to be:

The shadow banking share fell away again:

As did the rolling annual:

And M2 which hit 8%:

Under the bonnet there was hint of better news in rising mortgages:

But local government bond issuance fell away again:

As did broad credit to just 10.2%:

I will leave you with what that means for growth via Capital Economics:

MOAR stimulus required.

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