China’s latest credit figures have raised eyebrows, but they need not raise alarm. New bank lending, aggregate social financing and total credit growth all came in weaker than expected for October, marking their softest readings in more than a year. For markets conditioned to expect Beijing to counter every slowdown with a surge of liquidity, the numbers may suggest a worrying loss of momentum. But that reading misses the broader structural shift under way. The data reflects not a collapse, but…
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