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Deutsche Bank analysts suggest that China’s credit data from yesterday was the main source of pessimism, with new loans rising by 1.06 trillion yuan and was well below consensus estimates for a 1.28 trillion print.

Key Quotes

“The year-on-year growth rate for M2 fell to 8.1% (versus expected 8.4%), near its all-time low of 8.0%, and M1 grew only 3.1% (versus expected 4.4%). Credit growth is viewed as a key leading variable for the broader Chinese economy, so the slowdown heightened concerns over global growth.”