Beijing's efforts to get banks lending more appears to be working.
Five weeks ago the central bank trimmed the amount of reserves lenders must hold, freeing up cash to be loaned out. And the early results are in: aggregate financing, the broadest measure of Chinese credit available (including "shadow banking"), was far higher than expectations in February. Total financing was Rmb1.35tn ($215bn) last month, versus forecasts at just Rmb1.0tn.
New yuan loan growth from banks was also higher than forecasts, at Rmb1.02tn, versus estimates at Rmb750bn. That accounts for three-quarters of the aggregate figure, suggesting shadow banking activity was subdued.
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