Loans - Interlect Analytics

Loans

A collection of 11 posts

DeepDive: Data Dump March 2024

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DeepDive: Data Dump March 2024

China's manufacturing activity data for March were robust, partially due to the effects of the Lunar New Year, while also reflecting a more favourable external environment and policymakers’ continued focus on supply-side stimulus. Growth in new household deposits has slowed year-to-date, which could point to some improvement in

DeepDive: Data Dump January 2024

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DeepDive: Data Dump January 2024

China’s macro data remained uninspiring in December. Households maintained pessimistic expectations regarding job prospects and wages, while loan demand continued to be low amid persistently high deposit levels. While corporate loan growth was robust year to date, narrow money supply growth (M1) remained lacklustre. The market appears to be

DeepDive: Data Dump December 2023

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DeepDive: Data Dump December 2023

China’s macro data continued to underwhelm in November. While corporate loans have remained fairly robust year-to-date, monetary policy transmission appears to have had less of an impact. Household loans continued to point to consumer caution and total retail sales came in weaker than expected. Household deposit balances are still

DeepDive: Data Dump November 2023

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DeepDive: Data Dump November 2023

China’s macro data were mixed in October. Household loans continued to point to consumer caution and total retail sales didn’t look as good as the raw data print suggests. Low domestic price pressures and good CPI news out of the US should leave more room for targeted policy

DeepDive: Data Dump October 2023

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DeepDive: Data Dump October 2023

While China’s macro data showed some signs of improvement in certain pockets of the economy in September, the housing market has remained weak through October and financing conditions for SMEs appear tight. Our latest DeepDive has more. Corporate loan data for September remained robust, following a record high in

QuickScan: Taking Stock of Money Supply Developments

QuickScan: Taking Stock of Money Supply Developments

In this QuickScan, we delve into the latest money supply data. While macro data have recently painted a more positive picture overall, the gap between narrow and broad money supply remains deeply negative, pointing to continued caution among businesses and households. We explain why we think that matters. The gap

DeepDive: Data Dump August 2023

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DeepDive: Data Dump August 2023

In this Data Dump, we delve into recent macro data and developments in the housing market. July data weakened across the board, in line with the sluggish readings of our text-based macro indicators. Loan data for July were weak across the board, coming in at the lowest level since the

QuickScan: More RMB Internationalisation

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RMB internationalisation

QuickScan: More RMB Internationalisation

Earlier this year, the People’s Bank of China and the Ministry of Commerce issued a notice to promote the use of the renminbi in cross-border trade and investment. The notice called on banks to facilitate RMB settlement and extend more offshore loans denominated in the currency. We examine recent

QuickScan: Data Dump May 2023

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QuickScan: Data Dump May 2023

We take a look at recent economic data and examine the drop in household deposits and slowly improving WMP yields.

QuickScan: Data Dump April 2023

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QuickScan: Data Dump April 2023

In this QuickScan, we take a look at recent economic data and the PBoC’s latest language on supporting consumption.

DeepDive: Focus on Demand and Consumption at Decade High

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DeepDive: Focus on Demand and Consumption at Decade High

Our latest DeepDive delves into language on stimulating consumption and demand in State Council, PBoC, Politburo and CEWC readouts from 2012 to 2023. The findings overall indicate that the focus on boosting demand has never been as strong in the past decade as it is now. We also look at