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:
With the non-bank share still elevated more tightening is inevitable:
M2 was whacked to 9.4%:
And broad credit growth on the stock of loans is now falling at a good clip of 13%:
Chinese growth, especially building, will begin to slow in H2. 2022 shapes as a very different year.