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Key economic data continues to indicate that China is still slowing.

In the clip above from a recent edition of The Macro Show, Hedgeye CEO Keith McCullough and Senior Macro analyst Darius Dale dissect recent credit growth data in China and why the country remains short of U.S. dollars.

“The reason credit growth matters is that 4/5ths of all private, non-financial sector credit in China is on bank balance sheets,” Dale explains.

“This is arguably the most important leading indicator you can track with respect to the Chinese economy and economic activity there.”

Watch the clip above for a full explanation.

An Important Indicator Shows China Is Still In Bad Shape - the macro show