It is the 20th of August 2017

News

China's $9 Trillion Shadow Banking System Shrinks For The First Time In 9 Months

On the surface, the latest Chinese credit data reported overnight by the PBOC was not particularly memorable: new loans tumbled from the near record 1.540TN Yuan in June to only 825.5BN in July, just above the 820BN expected, while Total Social Financing also declined substantially from June's 1.78TN to 1.22TN, also beating the 1TN estimate. While both July prints were a steep drop from June - reflected in Monday's miss in retail sales, industrial production and capex - they were a significant increase from the year ago numbers. At the same M2 dropped to a new record low, sliding from June's 9.4% to 9.2% in July, missing expectations of a modest rebound to 9.5%.

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Credit Investors Are Suddenly Extremely Worried About Central Banks

On one hand, credit investors have never had it better with IG credit spread at record tights and junk bond yields sliding to 3 year lows

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