Reports from the People’s Bank of China this morning revealed optimistic signs of consumer demand and economic growth in the Asian giant. New loans in China moved beyond the expected 623B to a level of 634B in June.
Additionally, the M2 money supply in China, which measures the percent change in local currency in circulation, and held in domestic banks, in an annualized format. The M2 report showed China’s level of domestic currency in supply to be 15.9% higher than its June 2010 level, suggesting an expansion of local and foreign demand for Chinese goods and services.