Pantheon Macroeconomics

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16th May 2022 00:10China+, Daily Monitor, Weekly Monitor

The PBoC has adopted new language in the wake of a slowdown in bank lending...

...But we think this is unlikely to signal a sudden pivot in monetary policy, given other constraints.

The PBoC has no choice but to accept a higher debt ratio, unless it wants to deepen the recession.

April bond issuance bonds commodity credit credit data finance gdp government growth housing housing market infrastructure spending liquidity liquidity injections loans May monetary pboc policy policymakers remain rmb

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Keywords for: A Change of Tune from the PBoC Amidst a Slump in Lending

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