China September Money Supply & Credit
14th October, 2020 3:50 pm Another strong credit number, Chinese total social financing (TSF) rising CNY3.48trn in September (mkt 3.15trn) while new yuan loans grew CNY1.9trn (est. 1.7trn). That leaves overall credit growth steady at +13% yoy. But that understates this impact. Indeed, on a 12m rolling basis credit issuance is up 37.8% or 30.4% excluding shadow banking. This is piling on more leverage to an over-leveraged economy, TSF stock now above 280% of GDP and growing fast, amplified by the GDP hit from Covid.
Subscribe now to see the full article
Independent Strategy research services are available by annual subscription.
For details of subscription rates and soft-dollar payments please contact:
John Armstrong or Guido Manca
Tel: +44 (0) 20 7730 4965
Fax: +44 (0) 20 7730 7963
Email: main@instrategy.com
To make a request for subscription please use the form below.