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🇨🇳 China's credit engine stalls even as the yuan pushes past 6.70
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🇨🇳 China's credit engine stalls even as the yuan pushes past 6.70

Macro Soup Newsroom Macro Soup Newsroom 3 min read

China's new bank lending crashed to just ¥60bn in August, a fraction of forecasts, in the same week the yuan broke past 6.70 to the dollar for the first time in three years. Currency strength and slumping credit demand are now pulling in opposite directions.

Line chart of China’s yuan loan stock year-over-year growth from 2017 through 2026, falling from about 13% to near 4%.
Richard Casey argues cheap RMB credit is still finding little private-sector demand after August lending came in at barely a sixth of the median forecast. Source

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