Authored by Simon White, Bloomberg macro strategist,

China’s money growth data for February released overnight modestly disappointed to the downside.

Real M1 growth, which is one of the best cyclical leading indicators in China, has dipped lower again, driven by the rise in CPI from -0.7% to 0.8% in February.

Markets are still waiting for a decisive turn in the data, although on a three-month smoothed basis the trend is gingerly picking up.