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.