Chinese credit still weak

Monday 17 June 2024

Chinese banks issued 950bn yuan in new yuan loans last month, up from 730bn in April, based on PBOC statistics provided on Friday.

Consensus was 1.255 trillion yuan.

After a rare 72 billion yuan decline in April, Total Social Financing surged 2.07tr versus 2.2tr yuan for May, driven largely by government bonds.

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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.