China’s PBOC released new yuan loans for September last night it remains credit pedal to the metal with total social financing at 3.48tr yuan of which 1.9tr was bank lending:
The non-bank share has rebound strongly but that is distorted by the inclusion of local government bonds these days:
The three month moving average of new credit is a very solid block:
The rolling annual is a rocket ship:
M2 is strong at 10.9%:
And broad credit is once again off to the races:
Put another way, to achieve such credit growth from such a high base, China is binging on debt in a manner never before seen:
Obviously, it is commodity price supportive while it lasts.