China data - aggregate financing (Feb) higher than expected, down on January

New yuan loans, aggregate financing, and money supply data hitting now, and yes, there will be new year distortions

January new yuan loans CNY 839.3bn

• expected 900bn, prior 2900 bn

Aggregate financing 1170bn

• expected 1066.5bn, prior 3060.3bn

Money supply M1 8.5%

• expected 11.0%, prior 15.0%

Money supply M2 8.8% y/y

• expected 8.7%, prior 8.6%