According to the data releases Saturday anyway ...

For December:

New yuan loans CNY 584.4bn yuan

  • expected CNY 1000.0bn, prior 1120.0bn

Aggregate financing CNY 1140bn

  • expected 1500.0bn CNY, prior 1600.0bn

M2 +8.2%

  • expected +9.2% y/y, prior +9.1%

A sharp December slow down, China's bank lending halved in December (though at the end of a record year fro loan growth)

The government wants to reduce financial system risks

ANZ remarks on the data:

  • We expect bank loans to increase significantly in January 2018 due to strong demand
  • With deleveraging remaining a policy priority over the medium term, the seasonal slowing in credit will not result in monetary easing