New loan growth from China's banks disappointed in December, but overall activity was way up, suggesting the shadow banking sector quickly took advantage of lower borrowing costs after the central bank cut rates in late November.
Aggregate financing, the broadest measure of Chinese credit available (including "shadow banking"), expanded by 47 per cent from a month earlier in December, far exceeding expectations and hitting its highest since June.
Aggregate financing totalled Rmb1.69tn ($273bn) in December, versus Rmb1.146tn in November. Economists were only estimating a small gain to Rmb1.2tn.
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