Posted on 13 Feb. 2022 at 8:56 amUpdated Feb 13. 2022 at 8:57 am
Even if the People’s Bank of China is no longer the only lender in the country as in the time of Chairman Mao, it remains the great credit helmsman of the second world economy, where bank financing weighs more heavily than at Uncle Sam. Having detected the turn of relaxation (decrease in mandatory reserves and interest rate ) which they had been watching for several months, the experts at Pictet Asset Management therefore tactically returned to Chinese equities in January.
The recovery in credit should be a strong support for growth in the second half, as shown by the link between the credit impulse and the manufacturing activity index of the major economic institutes (“PMI” or “purchasing managers index”) ). We just have to cross our fingers so that real estate continues to land, without a major crisis for the year of the Tiger.
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