高盛：中国：3 月贷款和信贷数据强于预期

March total social financing (TSF) flows and new RMB loans came in above market expectations, mainly due to strong expansion of short-term corporate loans. Government bond issuance remained faster than implied by seasonality. These signal a policy-mandated credit expansion in March, resembling the observed pattern this January. Fiscal deposits declined in March, likely due to spending from bond issuance proceeds for the debt swap program, which may have boosted M1 growth this month. However, the front-loade ...