It is the 20th of November 2019

News

China's $9 Trillion Shadow Banking System Shrinks For The First Time In 9 Months

On the surface, the latest Chinese credit data reported overnight by the PBOC was not particularly memorable: new loans tumbled from the near record 1.540TN Yuan in June to only 825.5BN in July, just above the 820BN expected, while Total Social Financing also declined substantially from June's 1.78TN to 1.22TN, also beating the 1TN estimate. While both July prints were a steep drop from June - reflected in Monday's miss in retail sales, industrial production and capex - they were a significant increase from the year ago numbers. At the same M2 dropped to a new record low, sliding from June's 9.4% to 9.2% in July, missing expectations of a modest rebound to 9.5%.

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Chinese Bank Suffers 'Rare' Bank Run, Police Arrest "Rumor-Spreaders"

Chinese police questioned 27 people, detained 12 and "severely" reprimanded 15, over the spreading of gossip about Linshang Bank - a lender with 61 billion yuan ($9.1 billion) in deposits - which caused a rare bank run in Eastern China.

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Chinese Bank Suffers 'Rare' Bank Run, Police Arrest "Rumor-Spreaders"

Chinese police questioned 27 people, detained 12 and "severely" reprimanded 15, over the spreading of gossip about Linshang Bank - a lender with 61 billion yuan ($9.1 billion) in deposits - which caused a rare bank run in Eastern China.

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Italy Bails Out Two Failed Banks; Cost To Taxpayers: $17 Billion

Two weeks after the first, and biggest, European bank bail-in took place under the relatively new European bank resolution mechanism, the EBRD, when Spain's Banco Popular wiped out the holders of its most risky securities, including equity and AT bonds, and then selling what was left of the bank to Santander for €1 - a process that took place without a glitch -  Italy may have just killed any hope of a European banking union, when the bailout of two small banks made a "mockery" of Europe's new regulation.

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