China – deposits not as bearish as loans
Even allowing for a change in credit intensity, June headline credit and money data are bearish. The one positive trend is data through May showing household demand deposits no longer falling so quickly. That shift continuing would help sustain China's macro muddle through.
![China – deposits not as bearish as loans](/content/images/size/w2000/2024/07/China--M1----of-M2.png)