- Prior +12.4%
- New yuan loans ¥1.4 trillion vs ¥1.1 trillion expected
- Prior ¥1.2 trillion
The numbers continue to support the narrative that China is aiding the market recovery at least, particularly so after having been crippled by its previous zero-Covid policy. For some context, the new yuan loans issued throughout 2022 is a record, coming in at ¥21.3 trillion. Considering the re-opening, I doubt Chinese authorities will let up until they have a fair sense of confidence that the economy can hold its own.