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Updated Barclays/Bbg Extension Estimates for US


Late Session Selling

     BEIJING (MNI) - Here are the key points from China's December money supply
and credit growth data released by the People's Bank of China (PBOC) on Tuesday:
     - New loans totaled CNY1.08 trillion in December, compared with CNY800
billion projected by an MNI survey and CNY1.25 trillion in November. The decline
showed banks continue to be risk-averse despite the PBOC's repeated requests to
expand lending to private and small companies. Total new loans for 2018
increased CNY16.17 trillion, an increase of CNY2.64 trillion. 
     - Total social financing (TSF) surged to CNY1.59 trillion from CNY1.52
trillion in November, beating the CNY1.25 trillion projected by an MNI survey.
The gain was mainly due to the smaller reduction of shadow banking and the gain
in corporate bonds. TSF in 2018 recorded CNY19.26 trillion, contracting CNY3.14
trillion from a year earlier.
     - M2 in December grew by 8.1% y/y, missing the forecast 8.2% by an MNI
survey, but still stronger than 8% in November. M1 growth was the same as
November at 1.5% y/y in December.
     - Corporate bonds issued rose to CNY370.3 billion in December from CNY316.3
billion in November. This indicated that the central bank's effort to encourage
bond financing with supporting tools like Credit Risk Mitigation Warrants
(CRMWs) continued to take effect.
     - Shadow banking finance contracted CNY172.9 billion in December, down from
CNY190.4 billion in November. Out of this total, trust loans and entrusted loans
together decreased by CNY275.2 billion. Undiscounted bankers' acceptances
reversed the decreasing trend and gained CNY102.3 billion for the first time in
10 months. 
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 10 8532 5998; email:
[TOPICS: MAQDS$,M$A$$$,M$Q$$$]