February credit growth inevitably slowed from January due to the Chinese New Year (CNY) holiday.  But despite that the figures look pretty robust, particularly new loans, which came in at CNY1,360bn, well above median expectations of CNY950bn.  That left total social financing growth at CNY1,710bn, more than double the level we saw last year.  Jan-Feb cumulatively is up 16.1% from where it was in 2020 and most of this looks to be private sector driven with local government bond issuance down yoy.