Chinese liquidity trap snaps shut

Wednesday 14 August 2024

Chinese credit numbers for July are out. Goldman has more.

July total social financing (TSF) flows came in below market expectations, mainly on weaker-than-expected loan extension.

The new RMB loans to the real economy turned negative in July (RMB -77bn), the first time since July 2005.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.