January new yuan loans, 2510.0bn

  • expected is 1900bn CNY, prior was 597.8bn

Aggregate financing RMB for January, 3420.0bn

  • expected is 2200.0bn, prior was 1820.0bn

Money supply M0 (Jan) y/y: 15.1%

  • expected is 10.6%, prior was 4.9%

Money supply M1 (Jan) y/y: 18.6%

  • expected is 14.7%, prior was 15.2%

Money supply M2 (Jan) y/y: 14.0%

  • expected is 13.5%, prior was 13.3%

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Those top two are the focus, new yuan loans & aggregate financing.

Both up strongly and beating expectations. New loans highest since January of 2004.

More debt. the question is how its being used - into the 'real' economy or into property / stocks?