china news

· China – credit expansion moderates and falls short of expectations (this data hit after the China close). New yuan loans for Apr came in at 555B (vs. the St 800B). M2 money supply growth fell short at +12.8% (vs. the St +13.5%). Bloomberg. goo.gl/qeBcb3
· China – China’s fiscal expenditures rose 4.5% Y/Y in Apr, a sharp slowdown from the +20.1% increase in Mar. Fiscal revenues rose 14.4% in Apr, an acceleration from Mar’s +7.1% pace. Reuters. goo.gl/2tgWLh
· China non-performing loans hit 11-year high. Troubled lending at China's commercial banks reached 4.6 trillion yuan ($706 billion) at end-March, a jump of 428 billion yuan from December – Reuters goo.gl/WeFiUj
· China liquidity — China May Restrict Follow-On Stock Offerings — Local media reported this morning that the CSRC may ban listed companies from raising funds that exceed its net asset value. Barron’s goo.gl/n14bHZ