Data on February loans was out . "Aggregate financing" is the broadest measure of new lending growth,
during the afternoon in China on Thursday
– Came in at 1.15 trillion yuan (vs. the median estimate of 1.45 tln yuan and the January result of 3.737 tln)
Note the ‘new loans’ above expected, but way under the January result, while the ‘aggregate’ is under both. Its suggestive of at least some sort of slowing in shadow banking activity and mortgage lending.