…..new bank loans in China, comparing the first three months of 2009 to April 2009.
In the chart I’ve taken the stylistic liberty of dividing the first quarter new loans money into equal parts for January, February and March, but the U$757Bn full quarter number is still the same in the end. That compares to the U$86.6Bn loaned in April. That’s a big drop in stimulus. And while we’re at it, I hope you noticed that electricity consumption is down YoY in China, too.
Transport-Trackers Hong Kong: China’s electricity production data for 2009, year-on-year.
January-February: -3.7%
March -0.7%
April -3.6%
Or as I commented to an e-mail friend yesterday, “it takes much less electricity to stockpile iron ore, copper conc etc than it does to smelt them, turn them into steel or tubing or whatever”. DYODD, dude.