PIMCO: China credit impulse decline sharper, more extreme - material drag on growth

The question PIMCO is addressing here is "When will China's credit drop affect growth?"

China's "credit impulse" the change in the growth rate of aggregate credit to GDP

• relevance of the Chinese credit impulse to global reflation cannot be overstated ... key driver of realized global reflation has been China
• the decline in the credit impulse has been sharper and more extreme than many expected

• ... portends a material drag on Chinese growth in the year ahead

The full piece is here, from Gene Frieda - a global strategist based in PIMCO's London office

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