What a world. Chinese credit was out overnight and it is raining credit on everything in sight, with the clear exception of houses. TSF was the highest ever at 6.17tr yuan of which banks loaned 3.98tr:
But, what appeared to be blowoff credit at the headline level is actually pretty muted under the bonnet. The year on year gain halved from December to 19% and compared with previous easings is still very weak:
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Broad credit stock growth lifted to 10.5% but is likewise relatively sluggish: