China Adds $4 Trillion to TSF

China's money supply growth accelerated in December. This is expected because the country accelerated local government bond issuance for infrastructure investment. As in recent years, a burst of spending in early 2020 is anticipated.

Total social financing exploded higher after readjustment. The increase is about $4.3 trillion at the current exchange rate.

With the revised data.

Reuters: China's new bank loans hit record in 2019, more stimulus expected

PBOC officials said the central bank had recently revised the way it calculates TSF by adding treasury bonds and ordinary local government bonds.

China had allowed local governments to issue more debt in 2019 as part of a plan to accelerate infrastructure spending and stoke domestic demand.