Chinese Economic Data Misses Across The Board As Credit Impulse Slump Kicks In

Tyler Durden's picture

The brief encounter with a 'recovery' that China's economic data enjoyed in the first half of 2017 has evaporated as the reality of a collapsing credit impulse strikes across the board. Retail Sales, Fixed Asset Investment, and Industrial Production all missed expectations  and slowed dramatically.

Tonight's big China data dump to ignore includes:

  • Retail Sales +10.1% YoY (+10.5% exp), well below July's 10.4% gain
  • Fixed Asset Investment +7.8% YoY (+8.2% exp), well below July's 8.3% rise
  • Industrial Production +6.0% YoY (+6.6% exp), drastically weaker than July's 6.4% gain

The first half bounce is officially dead...


China's macro data disappointments are just beginning...


In fact China's credit impulse is the worst in the world...

Yuan continues to tumble (3rd day in a row of weaker fix)...

Is China back in the currency war game now that credit is no longer holding up the economy?

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Dr. Engali's picture

No worries. The "innovative" iPhone X will save the eCONomy. Too bad the poor bastards that build them can't afford them....., or want them.

Yen Cross's picture

  Ups-a Daisy...  Or should I say Tulip?

  Here comes the REPO infusions again. I don't want to JINX myself, so I won't comment on the $usdx.

wisehiney's picture

All of these cross paradigms are bound to get SOMEONE paid.

Yen Cross's picture

  I'm sure you've heard that old Adage?

  Every trade is a winner , if you hold it long enough.

Iskiab's picture

Negative credit impulse isn't necessarily a bad thing, that's the effect of reducing credit in the economy and those misses are very small.

TheRealDrBill's picture

+10% YoY doesn't seem all that much like a depression, does it?

oddjob's picture

10% YoY retail sales growth, they should hang their heads in shame.

Praetorian Guard's picture

As long as they keep producing my products, I'm happy. ...and before you blast me, have you tried to get R&D in America, much less have something prototyped? Good luck...





Moving and Grooving's picture

Very creative doom charting of what otherwise looks like pretty good data.


These articles are too wonky and appear to be agenda-driven to me, a rank outsider to economics.



ds's picture

What follows the credit impulse slump is going to be interesting. Make our day PBOC by kickstarting the credit impulse. 

Fundies's picture

Data will be better next can bet it will. 

Stinkytofu's picture

this it too silly!

  • Retail Sales +10.1% ....well below ....10.4% gain
  • Fixed Asset Investment +7.8% .... well below ...8.3%
  • Industrial Production +6.0% ... drastically weaker .....6.4% .
Fake Trump's picture

It is just like telling me that I am in big trouble when I projected that I would make $100 but ended up making only $99.90. Come on don't be a moron. Use your fucking brain and don't talk through your ass.