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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CHINA
- China 'liquidity and credit' conditions continue to tighten, after the total amount of Aggregate Financing came in slightly lower than expected at 1.92tr CNY (vs. 2tr CNY).
- The chart below shows that the the annual change in Total Social Financing (TSF) 12-month sum has decreased from over 10tr CNY in October 2020 to nearly 0 in May 2021.
Source: Bloomberg/MNI
- In the past cycle, tightening liquidity in China has generally had a negative impact on both domestic and international asset prices (especially risky assets such as equities).
- The chart below shows that China Credit Impulse tends to lead global equities by 6 months.
- Will the global reopening be enough to offset the sharp contraction in Chinese liquidity?
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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