The People’s Bank of China published credit indicators for February after the Friday market close. Unlike the usual monthly release, the PBoC released data in a year-to-date form, likely to avoid the distortion from seasonality. For the first two months of the year, aggregate financing was down RMB 1.1tn or around -12% year-on-year and new RMB loans were down around RMB 930bn or -13.8% YoY. On the surface, February's data was disappointing, with aggregate financing down from RMB 6.50tn to RMB 1.56tn, and new loans down from RMB 4.84tn to RMB 979.9bn. The sequential decline in February was well expected as January is ... (full story)