Goldman with the details. December total social financing (TSF) flows and new RMB loans came in above market expectations. Total social financing (TSF flow, reported): RMB 2858bn in December, vs. Bloomberg consensus: RMB 2160bn, GS forecast: RMB 2400bn.TSF stock growth: 8.0% yoy in December, vs. 7.8% in November. The implied month-on-month growth of TSF stock:
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