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Credit growth slows further, tensions over Taiwan grow

4/12/2021 2:53:34 PM GMT
Credit and money growth slowed further in March.As the chart to the right illustrates credit growth is now negative when measured on 6-month change. M1 growth has also continued to decline to underpin the picture of policy tightening (see chart one next page). We believe the tightening mostly reflects lower infrastructure growth. The residential construction sector is still underpinned by strong home sales, though (chart 2). However, tighter policies should cool down home sales and the construction sector in H2. PMI data for March were a bit mixed but we put the most weight on NBS PMI manufacturing, which suggests the manufacturing sector saw some relief in March. Looking ahead,we expect it to fall again due to the policy tightening. ....

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