🇨🇳China's central bank reports strong financing data for January

📝The county’s total aggregate financing (a broad measure of credit and liquidity in the economy) remained near record levels, close to CNY 5.98tn, despite some slowdown in annual terms (-3.2% YoY). The result was 10.7% above the consensus estimates of CNY 5.40tn

❗️Solid injections in January have traditionally been a strong supportive factor for domestic construction activity for the upcoming year. We believe that the robust January 2023 headline financing number is likely to bolster sentiment for industrial metals (e.g., steel and base metals)

🛒To recap, China accounts for some 52% of global steel consumption, as well as for 55% and 58% of world copper and aluminium demand, respectively

#steel
https://metals-wire.com/sector/Steel