On the left, the blue line shows China's credit impulse as a percentage of nominal GDP, and the grey line shows the 3-month moving average of the year-over-year change in the Bloomberg industrial metals index. This chart shows that industrial metals' prices have moved closely with China's credit impulse. Hence, we observe that Chinese credit growth, such as last year, coincided with strong metal price performance. In contrast, credit tightening, which is expected for China this year, tends to lower industrial metals' prices. The chart on the right shows the prices of some of the industrial metals that are poised to benefit from the global decarbonization drive.