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China’s new yuan loans for January were out last night and the slowdown is intensifying. Total social financing looked like a big number at 5.17tr yuan with banks accounting for 3.58tr of that:
But year on year credit flow growth plunged to just 2% and the 3MMA is similar:
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The rolling annual has stalled:
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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.