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Chinese Credit Growth Unexpectedly Crashes In February
Was that it for China's "Shanghai Accord 2.0"?
One month after the PBOC injected a gargantuan 4.64 trillion yuan ($685 billion) into the economy - more than the GDP of Saudi Arabia - in the month of January in the country's broadest credit measure, the All-System Financing Aggregate, a credit injection that was so massive it even prompted the fury of China's prime minister Li Keqiang who lashed out at the central bank for its unprecedented debt generosity in a time when China was still pretending to be on a deleveraging path, the PBOC once again shocked China-watchers, only this time to the downside, when overnight the Chinese central bank reported that in February, aggregate financing increased by a paltry 703 billion yuan, roughly half the expected 1.3 trillion.
and the lowest print on record in the recently revised series.
On a year-over-year basis, TSF stock growth (after adding local government special bond issuance) was 10.1% in February, vs 10.4% in January, according to Goldman calculates; if adding all local government bond net issuance to TSF flow data, adjusted TSF stock growth at 11.0% yoy in February, lower than 11.2% in January. The implied month-on-month growth of adjusted TSF was 11.9% SA ann, lower than 17.2% in January, all suggesting the January record outlier credit surge may have been just that.
rest at link
https://www.zerohedge.com/news/2019-03-10/chinese-credit-growth-unexpectedly-crashes-february
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has a few follow on comments too.
why not notable other quote out of context?