Chinese credit drains away as Beijing pops property bubble

Thursday, 14 October 2021

China released September credit last night and needless to say it undershot, “surprising” apparently everybody but MB. Total new yuan loans were 3.03tr yuan with banks making up 1.66tr of that:

Year on year growth fell 16% and the 3MMA dropped further to -23%:

M2 was stable at 8.3%

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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.