China data released Saturday – money supply, new yuan lending, total funding -UPDATE 2

For those reading ForexLive Asian Change… the China data I was expecting was released on Saturday:

  • New yuan loans in January, expected at 1100.0 billion, were previously at 482.5 billion – comes to +1320 billion yuan
  • M0 money supply for January y/y: 9.5% expected, 7.1% previously – stands at +22.5% (higher cash in circulation)
  • M1 money supply for January y/y: expected at 8.5%, before at 9.3% – stands at +1.2%
  • M2 money supply for January y/y: 13.3% expected, 13.6% before – stands at +13.2% y/y (Broadest measure of money supply in China, expansion slowed)
  • Total January total funding: 1,900.0 billion expected, 1,230.0 billion previously – comes to 2580 billion yuan (China’s broadest credit measure)

Added – recap from The Wall Street Journal (is often closed, so if you can’t get to the article, try searching Google news using the title)

  • Chinese bank loans jumped higher than expected in January
  • Banks in China typically draw their loans early in the year, so large increases are common. Still, the stronger-than-expected data suggests the government’s worries about credit expansion aren’t slowing borrowing
  • Bank of China Ltd. said the numbers indicate the strength of the country’s economy despite signs of weakness in the results of recent Manufacturers’ Purchase Indexes and other data points.
  • “The higher-than-expected new lending showed the traditional tendency for Chinese banks to lend more at the start of the year. But the data also indicated that real demand for the economy is still robust, although the PMI manufacturing points in another direction,” said Ma Xiaoping, an economist at HSBC.

Chinese bank loans surge

Also – more from Reuters (unprotected): Chinese loans in January hit four-year high

And, from Bloomberg: New record credit in China boosts economic growth outlook

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