China Economic Perspectives: Government Bonds Took the Lead in September TSF Issuance

UBS China Economic Perspectives on September TSF issuance: New RMB loans totaled RMB 1.08tn, RMB 210bn below a year ago and broadly in line with expectations. Household medium- and long-term lending remained in YoY contraction (RMB 163bn lower YoY), corporate M&L lending was slightly softer YoY (RMB 20bn lower), while bill financing rose RMB 353bn YoY but was not enough to offset weakness elsewhere. New TSF reached RMB 3.55tn, modestly above market expectations (RMB 3.3tn) and largely similar to a year ago (RMB 19bn YoY);