China's New Credit Growth Far Exceeds Expectations: Chart

Amid all of Friday’s data out of China, one of the biggest surprises was the surge in new credit. Aggregate financing totaled 2.34 trillion yuan ($361 billion) in March, the People’s Bank of China said, far exceeding the median forecast of 1.4 trillion yuan in a Bloomberg survey. That jump is fueling analysts’ concerns that the economy is continuing to rely on debt for growth.