China: Details are not pretty – loans are down & bonds are up but mostly local government special bonds

via Trinh Nguyen:

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If you look at this, then you can see where the growth will come from in China in H2 (government driven projects/sectors). Meanwhile, the decline of new loans means that private sector weakness persists into H2 2019 & you knew this from the PPI, industrial profits & PMI figures.

 

 

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