While Chinese food prices may be uncomfortably rising, here’s the data point the government will bandy about in order to dull criticism of their economic policy:
Bank lending grew by just 700 billion yuan in February, well below 1.39 trillion in January, and comfortingly 35% below the 1.07 trillion in new loans created during February 2009.
At the same time M2 money supply growth slowed in February, to 25.5% year over year from 26% in January, which indicates stabilisation for now.
So drink up on this loans data. Consensus sure is, since they expect a soft landing.
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