Morning Bites (part 1)
🏦China’s aggregate financing grew 9% YoY in January to CNY 6.50tn, marking a new record and coming 17% above the consensus estimate of CNY 5.55tn. Meanwhile, traditional bank loans remained broadly flat YoY (vs. -16% YoY in December), but were also 9% ahead of the consensus forecast. According to Trading Economics, the higher liquidity injections (which might intensify in the coming months) reflect Chinese authorities' actions to support the economy and the depressed property sector
China accounts for 52% of global steel demand, as well as 55% and 58% of world copper and aluminium consumption, respectively
#global
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