China's bank loans acceleration

China's money and credit data are expect to be mixed in May. 

• First, bank loans and corporate bonds should have rebounded on Beijing's pledge to ensure funding to ongoing infrastructure projects, while non-bank credit probably remained under pressure from tightening regulations on margin financing. 
  
  
• Second, narrow money growth should have started to feel the impact of the PBoC's monetary policy easing, while broad money growth could have inched lower due to a negative base effect.