Chinese credit accelerates again

The new debt impulse in China continued in May with total social financing at 1.4tr yuan and banks at 1.18tr:

Shadow credit remains muted:

New loans have accelerated sharply through the first five months of 2019:

However, they are somewhat flattered by the base effect given last year’s deleveraging hit particularly hard mid-year. Thus, M2 is only stable at 8.5%:

The rolling annual is up and away:

But broad credit growth is not tearaway:

Or, via Pantheon:

There’s enough juice here so far to keep things roughly stable in H2 but not much more.

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