(ZEROHEDGE) – One month ago, when looking at the latest Chinese credit data, we said that Beijing’s credit flood is about to hit, even if the December data was a disappointment.
Two weeks later, we got confirmation when a local paper said that “China Bank Lending in Jan. May Hit Record at Over 4T Yuan”, to which our response was that China had just wasted 3 years in another pointless deleveraging experiment to get back where it started: with massive credit injections as the only means for growth.
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Fast forward to today when just as previewed one month ago, the Chinese Credit Flood arrived with a bang, and a record 4.9 trillion in new loans, which smashed expectations as did the Total Social Financing which came at a near record 6 trillion yuan, or almost $1 trillion in total new credit (i.e., new money) in just one month!
