You’ve just got to love China. Nothing that matters stays broken for long.
January credit data is out, coming in strong at RMB 7060bn in January, vs. Bloomberg consensus: RMB 6500bn.
Amusingly, the money supply data that has been telling the truth about how bad the Chinese economy is has been fixed!
M1 to the moon!
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Of course, it still sucks…until next month.
My broad credit indicator is going precisely nowhere.

The Chinese economy is still in flatline.