La débauche de crédit continue en Chine.

Les chiffres sont sortis vendredi, ils sont encore supérieurs aux prévisions.

La masse totale aggrégée de création de crédit bondit à 1,48 trillions de Yuans en Aout contre 1,22 en Juillet. Les nouveaux prêts bondissent à 1,09 Trillions contre une prévision de 750 milliards et un chiffre de juillet de 825.  Année sur année le bond est de 13,2%.

Depuis le début 2017, la masse totale aggrégée de crédit progressse de 18% sur un chiffre de 2016 déja exceptionnel. On va dépasser largement les 4 trillions  de dollars cette année.

Les pressions inflationnistes se renforcent: la Chine alimente l’inflation mondiale par sa bulle de crédit

Accélération sur le PPI à 6,3%.

Bloomberg: “Inflationary pressure emanating from the factory to the world is proving more resilient than economists have anticipated. China’s producer-price inflation accelerated to 6.3% in August from a year earlier, exceeding all but one of 38 estimates… That data… followed 5.5% readings in the prior three months… The surprise strength gives support for global inflation spanning from metals to fuel and shows the effects of resilient domestic demand and reduced supplies of some commodities.”

Up 1.8% y-o-y, Chinese August CPI was the strongest since January. This follows last week’s stronger-than-expected import data. China is demonstrating classic signs of a Credit-induced Bubble economy – one where domestic Credit excesses are seeping into the global inflationary backdrop through commodities and some modest upward pressure on goods and services prices.

September 11 – CNBC (Rebecca Ungarino): “The Chinese National Congress is set to meet in mid-October, and some predict the session will have wide-reaching implications for global markets and the economy. Discussions around the growth of the country’s debt in recent years will be particularly consequential, said Chad Morganlander, portfolio manager at Washington Crossing Advisors. ‘One critical thing to watch is how they rebalance their economy. Over the course of the last five years, you’ve actually seen nonfinancial debt in China increase by roughly $14 trillion, which is pretty close to 90 to 100% growth. That growth rate is not sustainable,’ Morganlander said… This apparent mountain of debt has created ‘financial fragility’ across China, he said, and the country’s Communist party would like to ‘decelerate’ that growth rate. ‘Unfortunately, that rebalancing does have major implications on U.S. markets and foreign markets,’ he said…”