China’s Credit Climbs, Led by Companies and Local Governments

(Bloomberg) — China’s credit grew strongly in February driven by corporate and local government borrowing, while mortgage demand from households remained subdued.

Aggregate financing, a broad measure of credit, reached 3.2 trillion yuan ($460 billion) last month, the People’s Bank of China (PBOC) said Friday. That was higher than economists projected and almost three times the amount in February last year.