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Back Plastic News Products News China’s Latest Credit Crunch: What It Says About 2014

China’s Latest Credit Crunch: What It Says About 2014

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CHINA continues to cross the river by feeling the stones and anyone in the chemicals industry who says that they have a clear idea of where this is going to end is probably being more than a little disingenuous.
 
There will be a lot of experimentation as China tries to overhaul its growth model with some successes and also some failures. What nobody can predict with any degree of genuine confidence is whether, in the end, the whole effort will succeed or fail. 
 
Another example of what we have been warning about throughout this year arose a few days ago when the People’s Bank of China caused another credit crunch. Since then, they have pumped liquidity into credit markets in an attempt to avert a repeat of the lending problems caused so much panic back in June.
 
What the People’s Bank seems to be trying to do is stop speculative lending, via the shadow banking system, while preventing the real economy from becoming gummed-up. But the latest panic might indicate that they have no clear idea about how to do this.
 
“Luckily, we are at year-end and heading towards an early Chinese New Year [The New Year falls on 31 January in 2014 compared with 10 February in 2013] and many of my customers  have pretty much covered most of their January needs in the first three weeks of December,” said a polyolefins trader.
 

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