Chinese credit hits the brakes

Tuesday 13 April 2021

New yuan loans were out last night and, as expected, China has hit the brakes. Total social financing came in at 34ootr yuan with banks at 2730tr yuan of that:

The pop in shadow credit is receding:

The flow of new credit was down by over one-third year over year:

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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.