With China's economic data on a relentless downslope for the past several months, there was a sliver of hope this morning when the PBOC reported the latest credit data which came in stronger than consensus expected after a dismal July, as seasonal patterns and policy easing likely contributed to the rebound of credit growth in August. With total social financing and new loan growth rebounding strongly last month, household loan growth rose to a still-modest 4.7% MoM annualized from 0.8% in July, mainly due to faster household short-term loan growth. Corporate medium to long term loan growth increased to 12.2% ... (full story)