Chinese credit rebound fizzles

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China’s new yuan loans for November were out last night and were weaker than expected by the market but spot on for me. Total social financing was 2.6tr yuan:

That was up 12% year on year and the 3MMA flopped into the positive:

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M2 pulled back to 8.5%

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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.