Chinese Credit Growth Stable in February

Reuters: China Feb new loans total 1.17 trln yuan, more than expected
Xinhua: China's new yuan loans shrink in February
Chinese yoy M2 growth slowed in February because fast monthly growth from the year prior fell out of the calculations. The three-month annualized M2 growth is still well above the target growth rate, albeit slightly below where it was last year (15.4 percent in Feb 2016, 14.3 percent in Feb 2017). This conforms to the PBoC stated desire to slow growth. M2 growth yoy was 11.1 percent.

Te slower credit growth stabilized reserve coverage of M2.

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