Technical Analysis

China December M2 money supply +11.8% vs +12.2% y/y expected


  • Prior +12.4%
  • New yuan loans ¥1.4 trillion vs ¥1.1 trillion expected
  • Prior ¥1.2 trillion

The numbers continue to support the narrative that China is aiding the market recovery at least, particularly so after having been crippled by its previous zero-Covid policy. For some context, the new yuan loans issued throughout 2022 is a record, coming in at ¥21.3 trillion. Considering the re-opening, I doubt Chinese authorities will let up until they have a fair sense of confidence that the economy can hold its own.

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