China: New yuan loans slowed to CNY1.02 trln in February - BBH

Analysts at BBH explain that China reported its yuan loans and aggregate financing for March and the new yuan loans slowed to CNY1.02 trln from CNY1.17 trln in February.  

Key Quotes

“The median guesstimate in the Bloomberg survey was for a small increase rather than a decline.  Nevertheless, the slower yuan lending was more than offset by the jump in shadow banking activity.  The aggregate financing in March jumped to CNY2.12 trln from CNY1.15 trln in February.  Since last September, aggregate financing has alternated between rising and falling.  Many observers see China's debt binge to be a key challenge and vulnerability.  Some also see it part of the fuel of capital outflows.”