Not disastrous but still soft for sure. Chinese new yuan loans were out for September with bank loans at 1.68tr yuan and total social financing at 2.27tr yuan:
The shadow banking share continues to slowly bleed lower:
Three month moving average loan growth fell sharply to 10%:
The rolling annual stalled:
M2 lifted a little to 8.4%:
And the money chart, TSF plus bonds, is going absolutely nowhere:
Growth is going to slowly fade away on these numbers.
David Llewellyn-Smith
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.
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.
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