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Mkts Discount More Hawkish Fed-Speak


Short-Term Sentiment Remains Bullish


Bears Pause For Breath

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China's monetary and credit environment remains moderately loose, helping to support the economic recovery, as the two-year average of M2 growth and new yuan loans are still significantly higher than in 2019, the 21st Century Business Herald reported citing Zhou Maohua, analyst at China Everbright Bank. Though May M2 was at a low level of 8.3% following April's near-two-year low of 8.1%, it was due to the high base same period last year, the newspaper said. Lending support to the real economy is strong as new yuan loans in May exceeded April's, the newspaper said. Though the growth rate of aggregated financing fell to 11% by end-May, it has maintained a high level above 11% for 15 months, with a relatively healthy financing structure, the newspaper said citing Li Xunlei, chief economist of Zhongtai Securities.