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Credit growth in China has slowed substantially over the past year – Danske

FXStreet (Barcelona) - The Danske Bank Research Team note that credit growth in china slowed down substantially over the past year showed signs of stabilization in October.

Key Quotes

“The Chinese credit data that has just been released was a bit weaker than expected, but nonetheless suggest some stabilization in credit growth. The broad credit measure total social finance (TSF) that also includes shadow finance expanded just CNY663bn (Consensus: CNY890bn, DBM:CNY700bn) in October after expanding CNY1,052bn in September.”

“Bottom line is that the October data suggests that the downward pressure on growth from slower credit growth and slower investment demand appears to be easing albeit we should always be careful to draw conclusions on data from just a single month.”

“There remain downside risk from slower growth in China’s exports that so far have performed quite strongly in 2014. Hence, it is still possible the Chinese manufacturing PMIs could move a bit lower in the coming months."

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