Data out from China indicates credit growth and money supply were accelerating at a faster than anticipated pace in June.

From Fast FT:

  • reflecting Beijing’s efforts to stimulate the economy and hit its 7.5% growth target
  • Aggregate financing expanded by 41%m/m, “far exceeding expectations and hitting its highest since March.”
  • Aggregate financing in June Rmb1.97tn ($320bn) – versus Rmb1.40tn in May. Economists were only estimating a small gain to Rmb1.43tn.
  • New loan growth in the month was Rmb1.08tn, beating estimates at Rmb955bn. (May loan growth was Rmb870bn.)
  • The M2 measure of money supply also rose at annual pace of 14.7 per cent – its highest since August – versus forecasts at 13.6 per cent.

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