The People’s Bank of China reports that the lending volume exceeded the estimates in November 2015. The thing is that Chinese analysts had expected the total amount of bank loans to be somewhere in the range between 600 and 700 billion CNY while the actual figures came out at 708.9 billion CNY.
At the same time, the M2 money supply boosted by 13.7% year-over-year in November after October’s growth by 13.5% against the analyst estimates of 13.4%. The total financing volume reached 1020 billion CNY in November 2015 relative to 476.7 billion CNY a month before. Analysts say that the stats confirm the importance of easing as an aid aimed at backing lending growth.
Forex
Meanwhile, Masterforex-V Academy reports that the Chinese Yuan keeps on going down against the U.S. Dollar. The currency pair is trading around 6,4610, Masterforex-V Academy report. The closest major levels of support are MF pivot 6,3890 as well as the the bottom of the ascending MF sloping channel. The 6,48 local high is the closest level of resistance.
