China Presses CTRL-P in January; Headline Data Understates Growth

Last month I posted Did China Revise Data or Did Growth Collapse? FAI, PFAI Contracts 2.3pc in December because calculations based off NBS data showed a divergence from the headline reported number.

The same thing has happened with money supply in January.

Reuters: China Jan new loans surge to record 2.9 trln yuan, blow past forecasts

Jan M2 money supply up 8.6 pct y/y, vs f‘cast 8.4 pct

Nope.

Here's money supply from 2017:

The PBoC says January M2 was 172.08 trillion. That's up 9.2 percent from January 2017. The 3-month growth rate in M2 is 17.1 percent.