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.
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