China’s new credit gusher sputters

Friday 10 May 2019

Chinese April lending numbers were out late yesterday and the credit gusher is sputtering with 1.36tr in total social financing of which 1.02tr was bank loans:

The shadow banking share remains volatile if trending down slowly:

M2 fell back to 8.5%:

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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.