China's money growth to moderate

Chinas's new bank lending likely dropped to CNY1000bn, from CNY1,480bn in July. However, considering the CNY400bn LGBs issued under the debt-swap programme in August, the actual increase in bank loans was probably close to CNY1.4trn. 

"China's money and credit data are likely to have normalised lower in August, after the surprisingly strong readings in July given stock-market rescue measures. M2growth is expected to have moderated to 12.6% yoy in August from the surprisingly strong rate of 13.3% yoy in July", says Societe Generale. 

Part of it should have been continued support to financial institutions' stock market rescue action.