🏦Credit Impulse: EU, US, China

• With U.S. and EU negative credit impulse, global flow of credit has reached a new low in August, looking back to 2010

• The Chinese flow of credit peaked back in December and has been coming down since then, the latest print is the lowest since March 2020.

• Analysts at Nordea Bank have recently highlighted the Chinese creation of credit leading activity indicators like PMIs and commodity prices