January new yuan loans in China soared to 2510.0bn CNY vs 1900bn expected and 597.8bn last, with aggregate financing RMB for January at 3420.0bn vs 2200.0bn expected abd 1820.0bn last. Meanwhile, money supply M0 (Jan) came at 15.1% y/y vs 10.6% expected and 4.9% last, wit money supply M1 (Jan) at 18.6% vs 14.7% expected and 15.2% last. Money supply M2 (Jan) y/y stood at 14.0% vs 13.5% expected and 13.3% last. The new credit being created in China during the first month of 2016, according to Bloomberg, "were helped by banks front loading their 2016 lending targets, companies switching foreign currency loans into yuan ones, and strong corporate bond issuance." Bloomberg quoted Nomura's Chief China Economist Zhao Yang, who said, "the stronger-than-expected credit growth reduces the probability of monetary easing in February." For more information, read our latest forex news.