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14th Mar 2022 00:10China+, Daily Monitor, Weekly Monitor

  • Monetary easing is yet to result in more credit reaching the private sector, as lending slows.
  • The state sector is still the driving force behind credit expansion, amidst elevated risk aversion.
  • We expect the policy response to strengthen now the NPC is over, but remember, stability is the goal.

bank credit bank lending bond issuance capex commodities construction construction pmi cpi credit credit growth deposits energy energy prices exports fuel gdp growth government liquidity loans local governments m1 m1 growth manufacturing March money and credit growth money growth pboc pmi policy policymakers ppi q2 q4 q4 gdp rrr rrr cut surveys yields

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Keywords for: Chinese Stimulus Underwhelms as Risk Appetite Remains Muted

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