Chinese credit sends out a major warning

Tuesday 13 August 2019

Chinese credit data for July was out overnight and it was not pretty. Total social financing was a lousy 1.01tr yuan and banks were 1.06tr:

New yuan loan growth is still up big year on year owing to last year’s deleveraging:

But the shadow portion is falling away still:

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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.