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There is a significant difference in our understanding of macroeconomics now compared to a few months ago. I no longer hold a pessimistic attitude towards macro liquidity like the market does. QT has ended, the Fed has resumed buying short-term bonds to maintain sufficient reserves, and the Ministry of Finance is close to achieving its TGA target by the end of September. As the old saying goes, M2 is still growing. The growth from 22.60 trillion in February 2026 to 23.22 trillion now, an increase of 620 billion US dollars in five months, does not conform to typical liquidity shortages. The key is bank credit, which I believe is the best evidence of liquidity recovery. In the past year, bank credit increased by 6.6% from $18.57 trillion to $19.80 trillion, while bank loans increased by 7.7% from $12.98 trillion to $13.98 trillion, with C&I enterprise loans growing by 10%. Because when banks create loans, they are also creating deposits, which is equivalent to the private sector creating credit currency. In August, liquidity was relatively tight, mainly due to TGA's replenishment of reserves, which had absorbed 180-200 billion yuan. However, the liquidity environment in September will be better, which may be one of the reasons why BTC is eager to try since this month.