Some responses to China's credit numbers are starting to flow in
A word from the PBOC after the earlier data release here which shows a drop in China's credit growth. Seems like they saw a need to step in and clarify things after M2 money supply growth fell to its lowest on record - and other credit estimates missed expectations by quite a bit.
The slower credit growth shouldn't be viewed as a surprise in my opinion as China looks towards deleveraging and officials have constantly talked about reducing financial risks - so the data point here suggests that their efforts are at least showing some form of results. Then again, it's Chinese data - but yeah.
