However, Thursday's HSBC data showed exports had stabilised in January, with the export orders sub-index rising to 50.1 - indicating fractional expansion - up from 49.2 in December.

BBC: China manufacturing activity at two-year high, says HSBC

Normally, because of fractional reserve banking, this would lead to a further multiple expansion of bank deposits and the money supply.

FORBES: Sterilizing QE3