Chinese credit rebounds, PBoC cuts RRR

Monday, 12 July 2021

China released its June credit data on Friday night and it was better than it has been for much of 2021. New yuan loans arrived at 3.67tr yuan with banks comprising 2.1tr yuan of that:

This was the first monthly year-on-year growth in four at a modest 6%:

M2 accelerated to 8.8%:

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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.