Over the past few days we have seen a host of data from China miss the mark and revive fears of a global slowdown. New bank loans in July were less than a quarter seen in June with job concerns, a property crisis and rise in COVID cases saw companies reluctant to take on fresh debt. And credit demand is expected to remain weak against the current backdrop of concerns. Retail sales fell to 2.7% y/y and investments hits a YTD low. Homes prices also fell for an 11th consecutive month. And this is despite M2 money supply rising to a 6-year high of 12%. As the saying goes - you can lead a horse to water, but you can’t ... (full story)