Shanghai Is Getting Smoked Right Now, As The Credit Boom Officially Shrivels

The volume of new loans in May was well below expectations.

From Reuters: “Chinese banks lent 551.6 billion yuan in local currency loans in May, missing market forecasts for 610 billion yuan, the People’s Bank of China said on Monday. “

Meanwhile, M2 — a measure of money supply — grew just 15.1% vs. estimates of 17.2%.

So, Shanghai is getting smoked.

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