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M1 Rebound Needs Rising Home Sales, Fiscal Spending

CHINA PRESS
MNI (Singapore)
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The rebound of the M1 money supply, which fell further by 4.2% y/y in May, depends on home sales, fiscal spending and exporters’ settlement, Shanghai Securities News reported citing Liu Lu, chief fixed-income analyst at Ping An Securities. Some current deposits were diverted to the financial management market as deposit rates declined, while the central bank’s effort to crack down on irregular deposits also decelerated M1, the newspaper said. Meanwhile, China’s M1 calculation, which only includes cash and corporate demand deposits, should be expanded to include residents’ monetary funds and financial products that can be redeemed at any time, the newspaper added.

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The rebound of the M1 money supply, which fell further by 4.2% y/y in May, depends on home sales, fiscal spending and exporters’ settlement, Shanghai Securities News reported citing Liu Lu, chief fixed-income analyst at Ping An Securities. Some current deposits were diverted to the financial management market as deposit rates declined, while the central bank’s effort to crack down on irregular deposits also decelerated M1, the newspaper said. Meanwhile, China’s M1 calculation, which only includes cash and corporate demand deposits, should be expanded to include residents’ monetary funds and financial products that can be redeemed at any time, the newspaper added.