News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
  • 🇺🇸 CB Leading Index MoM (AUG) Actual: 0.9% Expected: 0.7% Previous: 0.8%
  • $SPY showing some strength, support at the 50, res at the 23.6 $SPX $ES
  • 🇺🇸 Markit Manufacturing PMI Flash (SEP) Actual: 60.5 Expected: 61.5 Previous: 61.1
  • Heads Up:🇺🇸 CB Leading Index MoM (AUG) due at 14:00 GMT (15min) Expected: 0.7% Previous: 0.9%
  • Bank of England left policy measures unchanged as expected with the Bank Rate remaining at 0.1% and gilt purchases at GBP 875bln.Get your $GBP market update from @JMcQueenFX here:
  • $USD pulling back from that Sept high that was set after FOMC yday price action still messy, but a semblance of support around the 93 handle $DXY
New Yuan Loans Rise Sharply, Total Financing Hits Record

New Yuan Loans Rise Sharply, Total Financing Hits Record

David Cottle, Analyst

Talking Points

  • Chinese bank lending increased markedly in January
  • New loans hit 2.03 trilllion
  • However total social financing hit a new monthly record

Chinese banks increased their lending in January, according to official data released late on Tuesday.

Financial institutions made new loans worth 2.03 trillion yuan ($294.96 billion), according to the People’s Bank of China. That was well above the additional 1.04 trillion yuan leant out in December and, indeed, marked the second-highest monthly total on record. However, it was less than analysts had expected, and a pattern of lending front-loaded in the early part of a calendar year is not new.

But total social financing came in at a new record, 3.74 trillion yuan, up from 1.63 trillion in December. This is a measure of credit in the overall economy which includes both bank and non-bank financing streams. It’s essentially the broadest measure of credit.

China’s broadest measure of money supply, known as M2, was up 11.3% on-year in January. That was the same pace as December, and slightly below reported market expectations.

The data are likely to be seen as a mixed blessing by China watchers. On the one hand appetite to borrow indicates a degree of faith in the economic future. On the other, China’s already high debt levels, and reliance on credit have already got plenty of forecasters worried.

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter: @DavidCottleFX


DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.