China trade balance for June is due around 0200GMT, or perhaps later
While we wait - this from Bloomberg:
- A campaign against excess leverage has helped squeeze growth of M2, the broadest measure of money supply, to a record low in June even as new loans and aggregate financing exceeded expectations.
- It may seem counter-intuitive that credit can be expanding faster at a time when the supply of money isn't -- but the People's Bank of China has an explanation.
- Slowing M2 growth shows more efficient use of credit and that will be the "new normal," said Ruan Jianhong, the central bank's spokeswoman and head of its statistics department, according to a statement.
