Chinese credit unrecovers

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The Chinese unrecovery is going swimmingly. Credit unrecovered late last week. Pantheon:

Credit is flowing, but where is it going?

  • Chinese M2 growth rose to 11.1% y/y in May, from 10.5% in April. Consensus was 10.3%.
  • Chinese M1 growth slowed to 4.6% y/y in May, from 5.1% in April. Consensus was 4.9%.
  • Chinese M0 growth jumped to 13.5% y/y in May, from 11.4% in April. Consensus was 10.0%.
  • Aggregate social financing rose to RMB 2,790B in May, from RMB 910B in April. Consensus was RMB 2030B

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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.