According to the latest data released by the central bank on 16th February, Chinese banks extended 2.5 trillion yuan (approximately $390 billion) in net new yuan loans in January.

China's aggregate social financing stood at 3.42 trillion yuan, marking the unprecedented amount of new credit from banks in a single month.

ANBOUND’s research team is of the view that it is inappropriate to over-interpret the surge in bank credit for January as January is almost always the month with highest lending for the whole year and the fact that this year Lunar holiday fell in February might have also amplified the effects arising from festive season.