Late Friday China released its new lending data for December. It was strong (it usually is in December) with total social financing up 1.82 trillion yuan, of which, 597 billion was bank loans:
New loan growth year on year accelerated to 7.7%:
The rolling annual figure is more or less going sideways which is pure ‘growth glide slope’ material as H&H would say:
M2 is also roughly stable above 13%:
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