We know January’s new loan issuance was well below expectations. It seems that the same has happened for February.
Sina reports that the Big 4 banks (ICBC, Bank of China, CCB, Agricultural Bank) have provided RMB176.3 billion loans for the first 26 days of February, which would be well below RMB300 billion expected. The total new loans might be above RMB700 billion for February, but will probably be below the current consensus of RMB800 billion. Meanwhile, deposits increased sharply after decreasing for the Chinese New Year. Deposits for the Big 4 banks could have increased by RMB871.6 billion in the first 26 days of February.
Below are the charts for China’s money supply, loans and deposits data up till January:
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