China Bank Lending & Broad Credit (Oct.)

Broad credit growth levelled off in October having previously decelerated to its slowest pace since December 2005. There are some signs that PBOC policy is turning more supportive in response to strains in the property sector. As such, we think this might be the trough in the credit cycle. But the usual lags mean that tight credit conditions will remain a headwind to economic activity for a while.

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