More Hikes To Come, H210 Slowdown Still On

BMI View: After January's total loans came in much higher than expected, the People's Bank Of China (PBoC) announced on February 12 that it would hike banking sector reserve requirement ratios (RRR) by 50 basis points. A re-acceleration in money expansion should support strong economic expansion in H110, but the need for tighter monetary policy still supports our core view of a H210 slowdown.

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