$DUSK The credit crisis in China is worsening:

$FRAX New bank loans in China fell by -1.83 trillion yuan in 2025, down -10%, reaching 16.27 trillion yuan, the lowest level since 2018.

$RIVER This marks their 2nd consecutive annual decline.

China has been in a prolonged credit slowdown since early 2023, with an economy trapped in a deflationary spiral.

The weakness has been driven by stagnant demand from borrowers, as weak consumer confidence and a decline in business investment have eroded the appetite for new debt.

China's 2008 moment is now.