China's credit impulse turning negative - deflationary sp...

Latest credit data shows China's TSF growth decelerating faster than expected while property sales keep falling. This feels like 2015 all over again, but without the policy room to respond aggressively.

The way I'm reading this China credit data - my industrial names are already getting hit while materials keep bleeding. When TSF growth rolls over this hard, it usually means 6-month earnings revisions for anything China-exposed. Already trimmed my CAT position because construction equipment demand always leads the credit cycle.