China’s money and credit data was released over the weekend. From Feb to
March, M0 rose from 8.3% to 10.9% (all growth rate is year-on-year, unless
otherwise noted), M1 surged from 10.9% to 17.0%, and M2 jumped from 20.5% to
25.5%. New loans may have peaked at RMB1.89tn in March, but loan growth
could continue to rise. As the economy is still facing mounting challenges, we
believe monetary policy stance to remain in an easing mode (for details, check
“Common questions on China's surging credit growth”, 6 April 2009; data in that
report need to updated, but no changes to main views)....
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