China feels tighter financial conditions ahead of new year
Record-breaking bank loans contrast with slower broad credit growth
Several figures published by the People’s Bank of China indicate the country will experience somewhat tighter financial conditions going into the Chinese new year.
In January, bank loans surged to a record high of 2.9 trillion yuan ($460 billion), reflecting seasonal demand and a shift from shadow bank credit back to more traditional forms of financing. But at the same time, year-on-year total social financing (TSF), the PBoC’s measure of broad credit in the economy, has fallen to a multi-year
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