Chinese credit is still soft

Before COVID-19 that is. New yuan loans for January came in at 5.07tr with banks at 3.34tr:

Shadow credit is rebounding slowly as Bejing becomes desperate:

M2 is still struggling at 8.4%:

While broad credit is becalmed at 10.9%:

This is only enough credit growth to see GDP slowly slow. Next month we’ll see the virus bill come due, or not if Beijing wishes to hide it.

David Llewellyn-Smith
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