China credit goes splat!

Friday, 11 November 2022

Pantheon with the note.

China’s Credit Data Disappoints, due to Weak Private Sector Demand

The October credit data came in well below market expectations, as the disruptive influence of the 20th Party Congress on policy-based funding compounded weak private sector credit demand. Aggregate financing growth dropped to 10.3% y/y in October, from 10.6% in September, and the weakest reading since April, during the wrenching Shanghai lockdown.

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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.