{"id":4670,"date":"2012-06-20T14:17:16","date_gmt":"2012-06-20T18:17:16","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4670"},"modified":"2012-06-20T14:17:16","modified_gmt":"2012-06-20T18:17:16","slug":"westpac-china-credit-supply-outstrips-demand","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/","title":{"rendered":"Westpac: China credit supply outstrips demand"},"content":{"rendered":"<p><strong>Phat Dragon<\/strong> is placing the most value on new information regarding credit demand and supply. It is credit growth that tells us more about the shape of activity later this year than any other macro indicator&#8230;&#8230;the supply side of the credit equation is moving decisively higher (greater policy emphasis, increased willingness to lend) but &#8230;&#8230;sluggish demand for loans is holding the system back. Indeed, the June quarter observation for \u201cloan demand\u201d (bankers\u2019 assessment) fell to 12% below average, lower even than the Dec-2008 reading, even as the \u201clending attitude of banks\u201d (corporate assessment) rose for a second straight quarter and the \u2018easiness\u2019 of the monetary policy stance (bankers\u2019 assessment) rose to 21% above average.<\/p>\n<p>via Westpac: Phat Dragon &#8211; a weekly chronicle of the Chinese economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Phat Dragon is placing the most value on new information regarding credit demand and supply. It is credit growth that tells us more about the shape of activity later this year than any other macro indicator&#8230;&#8230;the supply side of the credit equation is moving decisively higher (greater policy emphasis, increased willingness to lend) but &#8230;&#8230;sluggish &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Westpac: China credit supply outstrips demand&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,41],"tags":[355,663,881],"class_list":["post-4670","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-china-hk","tag-bank-lending","tag-china","tag-credit-growth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Westpac: China credit supply outstrips demand - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westpac: China credit supply outstrips demand - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Phat Dragon is placing the most value on new information regarding credit demand and supply. It is credit growth that tells us more about the shape of activity later this year than any other macro indicator&#8230;&#8230;the supply side of the credit equation is moving decisively higher (greater policy emphasis, increased willingness to lend) but &#8230;&#8230;sluggish &hellip; Continue reading &quot;Westpac: China credit supply outstrips demand&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-06-20T18:17:16+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Westpac: China credit supply outstrips demand\",\"datePublished\":\"2012-06-20T18:17:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\"},\"wordCount\":131,\"commentCount\":4,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"bank lending\",\"China\",\"credit growth\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"China &amp; HK\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\",\"name\":\"Westpac: China credit supply outstrips demand - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-06-20T18:17:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/20\/westpac-china-credit-supply-outstrips-demand\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Westpac: China credit supply outstrips demand\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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This confuses the cause with the symptom. Falling prices are largely benign except where caused by a contraction of the money supply. Commodity prices may fall when there is an excess of\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Crude","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-02-crude.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-02-crude.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-12-02-crude.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6320,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/03\/china-uncertain-foundations-ft-com\/","url_meta":{"origin":4670,"position":1},"title":"China: Uncertain foundations &#8211; FT.com","author":"Colin Twiggs","date":"December 3, 2012","format":false,"excerpt":"Simon Rabinovitch at FT writes: Shadow banking is flourishing in China, helping to make non-bank institutions as big a source of credit as banks themselves since July \u2013 something that has never happened before. Chinese bankers, leading rating agencies and the International Monetary Fund have all warned about risks from\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1013,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/27\/iron-forward-market-softens-phat-dragon-westpac\/","url_meta":{"origin":4670,"position":2},"title":"Iron forward market softens &#8211; Phat Dragon | Westpac","author":"ColinTwiggs","date":"September 27, 2011","format":false,"excerpt":"The iron ore market is beginning to exhibit some signs of modest unease, with 3mth forwards giving up significant ground while spot has moved about 5% lower. From an export profitability perspective, falls in the Australian dollar and Brazilian real have more than covered the US dollar spot decline. Even\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47367,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/01\/18\/australian-households-feel-the-pinch\/","url_meta":{"origin":4670,"position":3},"title":"Australian households feel the pinch","author":"Colin Twiggs","date":"January 18, 2024","format":false,"excerpt":"Household disposable income (blue below) is contracting at the fastest rate in more than thirty years. Consumption growth (orange) is now close to zero and likely to fall further as savings are depleted. Fiscal drag -- caused by inflation pushing households into higher tax brackets -- has caused a sharp\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Household Income","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/household-income-and-consumption.gif?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":2270,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/22\/cut-in-europe-bank-lending-has-wide-impact-wsj-com\/","url_meta":{"origin":4670,"position":4},"title":"Cut in Europe Bank Lending Has Wide Impact &#8211; WSJ.com","author":"ColinTwiggs","date":"November 22, 2011","format":false,"excerpt":"European banks in recent years dramatically boosted lending to emerging markets and were among the biggest cross-border lenders in these countries. Their retreat has tightened credit in industries\u2014from aircraft to media to mining \u2014 squeezing economies already feeling the effects of reduced demand from the developed world for their exports....\"We're\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2540,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/05\/chinas-manufacturing-sector-under-contractionary-pressure-westpac-phat-dragon\/","url_meta":{"origin":4670,"position":5},"title":"China&#8217;s manufacturing sector under contractionary pressure &#8211; Westpac: Phat Dragon","author":"ColinTwiggs","date":"December 5, 2011","format":false,"excerpt":"Well, the official November manufacturing PMI, a more reliable survey than the private sector alternative [once seasonally adjusted], saw finished goods inventories rise to their highest reading ever in November. Along with across the board weakness in order books..... and a deceleration in output, import weakness, a steep decline in\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=4670"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/4670\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=4670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=4670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=4670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}