China January M2 money supply +7.0% vs +7.2% y/y expected

• Prior +7.3%
• New yuan loans ¥5.13 trillion vs ¥4.50 trillion expected
• Prior ¥990 billion

That’s sending a message as new yuan loans surge higher to start the new year. But that tends to be typical going into the Chinese New Year seasonal period. In any case, the big number to watch out for will be ¥18.1 trillion. That’s the total for new yuan loans in 2024. So, let’s see how new bank lending will trend for the year relative to Beijing’s efforts to prop up domestic demand.

This article was written by Justin Low at www.forexlive.com.