Dealogic data cited by media reports on the cascade of debt payments due in the near term.
A prolonged slowdown has hit housing prices amid collapsing sales and delays to the construction of new apartments. The government has stopped short of any bailouts, but its approach is being closely watched as more and more repayments come due.
This from earlier:
I posted earlier on some green shoots that might be emerging for China:
- Oil - China weekly flights are 13% above pre-COVID levels
- In H1 of 2023 Chinese auto exports were up 75.7% y/y
- China’s economy isn’t as bad as the mood suggests, growth moving in the right direction
- Goldman Sachs is watching for Chinese stock markets to trade up
But, yeah, the shoots have a lot of manure to push up through ....
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ps. RMB = renminbi = onshore yuan = CNY
Pan Gongsheng is the People's Bank of China governor.
