[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.
Previous report: China’s two-track recoveryChina’s coming Q3 infrastructure investment surge »