Whether the Fed decided to lend or refused to lend was immaterial, he insisted, the firm was destined to unravel.
The figures suggest the appetite among British consumers for borrowing money – and the willingness of banks to lend – was strong as the 23 June referendum on Britain's membership of the EU drew closer.
The data also showed the number of fast-growing businesses that felt banks were now less willing to lend was 15 times higher than those that thought the situation had improved.
The PBoC's decision to cut rates for the fifth time in nine months on Tuesday and compel banks to make more money available to lend was the authorities' latest move to support the world's second-biggest economy.
But, as we know, this negative impact would have been marginal, because banks' desire to lend was already depleted.
Which would be bad news for the borrower, who would be in difficult financial straits, for the bank lender, which might incur losses, and for the economy (if banks collectively incurred such big losses that their capacity to lend was reduced).
