Chinese Credit Impulse Shows Signs Of Life

Monday was a good news day for the Chinese economy. Those are rare in 2023, so cherish the moment. Broad credit provision in August, as reported by the PBoC, was 3.12 trillion yuan, better than expected. New yuan loans were 1.36 trillion, likewise ahead of consensus. Why does this matter? Well, domestic demand is anemic in China, and that manifested over the summer in a singularly lackluster read on credit growth. July's figures were the worst since 2009. A rebound was assured: There's a se