Economic data is going to take a major hit in February and March if this contraction in credit does not rebound or is not offset by bank loans. If I went only by this data, I would expect the February PMI to be far lower than expected.
January lending was way up, but it obviously didn't flow into manufacturing.
China Manufacturing PMI Misses, Tumbles To 7-Month Low
February Flash HSBC PMI, which tumbled from 49.5 where it was expected to print, to 48.3, a seven month low
We are now almost three weeks into February and thus far the improvement in trust fundraising isn't enough to change the trend.
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