Chinese credit accelerates…for now

David Llewellyn-Smith

Monday, 13 March 2023

Pantheon with the note.

In one line: Credit acceleration reflects front-loaded policy support

M2 growth rose to 12.9% y/y in February from 12.6% y/y in January. Consensus was 12.5%.
M1 growth dipped to 5.8% y/y in February from 6.7% in January. Consensus was 6.0%.
Total social financing fell to RMB3,160B in February from RMB5,984B in January. Consensus was RMB2,300B

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.