Chinese credit keeps on sinking

Chinese new yuan loans for November were out last night and keep on keeping on, down. Bank loans came in at 1.25tr yuan and total social financing at 1.53tr yuan:

This was down -5% year on year and 3MMA remains negative:

Shadow banks remain a shadow of their former selves:

M2 was stable at 8%:

The rolling annual keeps falling:

Under the hood, mortgages are softening again:

Local governments have hit a wall:

And broad credit keeps hitting unprecedented new lows at 9.9%:

Capital Economics states the obvious with a nice chart: Growth is going to keep slowing. More specifically, construction growth:

MOAR easing must come but the PBOC needs to wait for the Fed to protect the yuan.

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