CHINESE CREDIT GROWTH AT LOWEST ON RECORD IS LATEST SHOCK TO PBOC



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MATASII TAKEAWAYS:

  • Latest money and credit data (even under the latest and broadest definition) saw October money and credit data sharply on the downside, mainly due to the ripple effects of the initially over-zealous deleveraging program and despite pressure by regulators on banks to help keep cash-starved companies afloat, pointing to further weakening in the economy in coming months.
  • China has been desperate to ....
  • Growth in key gauges such as...
  • One reason for the sharp drop in new loan growth...
  • China’s outstanding total social financing (TSF) slowed....
  • The central bank highlighted .....
  • Overall credit conditions in China .....
  • The credit market is.....
  • Infrastructure-led stimulus has far less bang for the buck....

According to Nomura, further policy easing/stimulus measures that Beijing could pursue include:

  1. More ..
  2. Increasing ...
  3. More ...
  4. Less ..
  5. Cutting ...
  6. Implicitly allowing ...

In recent months...

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