Jeff Snider says Chinese banks posted a record contraction in July lending

What was said

""Macroeconomic data that came along and confirmed everything. But really the story here is banks and Beijing banks in Beijing the crackdown record contraction in Chinese total social financing new R&B loans. So these are loan flows for the month of July.""

In a clip Tom Bilyeu plays from Eurodollar University, analyst Jeff Snider says China’s July loan-flow data showed a “record contraction” in new renminbi loans and total social financing. Snider argues the pullback reflects multi-year de-risking by Chinese banks and, by extension, worsening conditions in the real economy rather than a temporary seasonal lull.