Chinese Yuan (And Copper) Tumbles As Money Supply Growth Plunges To 13-Year Lows

Tyler Durden's picture

Today's 'bounce' in US equity markets is not translating into Asian equity market strength as China, India, Indonesia, and Thai stocks are fading. Copper is crumbling and just stopped out Dennis Gartman's long. In China, the PBOC withdrew 172bn Yuan (highest since Feb 2013) and pushed the currency back towards its weakest since Feb (which is the weakest since the PBOC began its erstwhile carry-killing-policy. Lots of odd moving-parts in Chinese data tonight with M2 YoY growth tumbling to 12.1% (missing expectations) - its slowest since Jan 2001 but Total Social Financing smashed expectations at 2.07tn Yuan (vs 1.86tn expected). It seems, try as the PBOC might to control it, credit creation continues to balloon in China.

China's Yuan is rapidly heading back towards 15-month lows... (despite Jack Lew's insistence that it strengthen)

 

Copper futures plunged below Dennis Gartman's long stop - closing out another losing trade (or winning if you faded him?)

 

M2 Growth tumbles to its lowest since Jan 2001...

 

But Total Social Financing soared above expectations...

 

And the PBOC pulled 177bn Yuan liquidity from the market via Repo

  • *PBOC SAYS 93B YUAN OF 28-DAY REPO SOLD AT 4%
  • *PBOC SAYS 79B YUAN OF 14-DAY REPO SOLD AT 3.8%

The most since Feb's lows in Yuan...

 

Charts: Bloomberg