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Morning Bites (part 1)

🏦China’s aggregate financing rose 49% YoY in December to CNY 1.94tn, mainly due to the low base effect, although missing the consensus estimates of CNY 2.20tn. Meanwhile, traditional bank loans decreased 16% YoY (vs. -10% YoY in November), and were also 16% lower than the consensus forecast. Overall, for FY23, new bank lending reached a record CNY 22.75tn, marking a 7% YoY increase. According to Trading Economics, the People's Bank of China is likely to intensify liquidity injections and consider potential interest rate cuts on the back of low inflation (0.7% in 2023) in the upcoming months, aligning with its efforts to stimulate the economy and the local property sector

We remind readers that China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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