June 24, 2022  |  Macro

[Report] Low-calorie loans: How bankers’ acceptances are undermining the impact of credit growth

China’s credit growth bounced backed in May. However, that improvement was far less stimulatory than a typical uptick in credit. That’s because discounted bankers’ acceptance drafts (BADs) – a key form of very short-term bridge financing – accounted for a disproportionately large share of new credit in the month.

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