Trade War/Singles’ Day/Pork/Steel/Hong Kong

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

<p>Loans and deposits numbers were released today by Beijing. It was Veterans Day in the U.S. and Armistice Day in the Commonwealth. Markets were open in the US, but a lot of government offices were closed. New RMB loans were much lower than forecasted. Chinese banks gave out 661 billion RMB. The decrease is remarkable given that in just one month new loans dropped -60%. YoY growth in Figure 1 illustrates that new loan growth decreased to -5%.</p>

Loans and deposits numbers were released today by Beijing. It was Veterans Day in the U.S. and Armistice Day in the Commonwealth. Markets were open in the US, but a lot of government offices were closed. New RMB loans were much lower than forecasted. Chinese banks gave out 661 billion RMB. The decrease is remarkable given that in just one month new loans dropped -60%. YoY growth in Figure 1 illustrates that new loan growth decreased to -5%.

Loans and Deposits Growth in China