China’s overall credit growth holds up in December

Bloomberg

China’s overall credit growth held up in December and a gauge of borrowing costs fell, signalling that policy makers are beginning to see some progress in channelling credit to the economy.
The stock of outstanding aggregate financing expanded by 10.7% in the 12 months to December, the same pace as in November, the People’s Bank of China (PBOC) said. The previous total financing measure was adjusted to include sovereign and local government debt, the PBOC said. The growth rate refers to an adjusted historical series for the purposes of comparison.
The amount of new bank loans in the month slipped slightly, to 1.14 trillion yuan ($166 billion), versus a projected 1.2 trillion yuan. Broad M2 money supply grew
8.7% in the month from a year earlier.
The weighted average interest rate on ordinary loans fell to 5.74%, the lowest since mid-2017. Despite monetary easing throughout last year, borrowing costs remained stubbornly high.

and the recent data will encourage policy makers attempting to brake China’s economic slowdown into 2020.