Macro News
Global: After months of falling Chinese inflation prints, with CPI inflation down to 1.7% YoY January (from 1.7% in December) and PPI inflation down to 0.1% YoY, its lowest level since 2016, the PBoC reported that financial institutions made a record CNY 3.23tr of new loans in January, with the aggregate financing up CNY 4.64tr (figure 1, left frame). The persistence of global uncertainty and the recent deceleration in global growth has been weighing on China’s macro data, therefore the injection of new liquidity could help to offset the recent weakness in the