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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI 5 THINGS: China Money Supply Plunges on Shadow Bank Curbs
BEIJING (MNI) - Aggregate financing to the economy in February fell to
30-month low, according to data by the People's Bank of China (PBOC) released on
Sunday. At a press conference in Beijing, governor Yi Gang said a more accurate
reading needs to combine data for the fist three months to round out swings
caused by seasonal factors and traditional holidays on the lunar calendar.
Here are the key points from the data released:
- Aggregate financing to the economy (total social financing) rose CNY703.0
billion, the smallest increase since Aug 2016, down from a record high CNY4.64
trillion in January. It was below the median of an MNI survey calling for CNY1.3
trillion. Bills and bond issuances both slowed.
- Shadow banking fell CNY364.8 billion, reversing a gain of CNY343.2
billion in January. Undiscounted bankers' acceptance fell CNY310.3 billion after
surging CNY378.6 billion in January.
- Corporate bond issuance slowed to CNY80.5 billion from CNY499.0 billion
in January, indicating markets' risk aversion in time of economic uncertainties.
- New loans totaled CNY885.8 billion, plunging from a record CNY3.23
trillion in January and less than CNY1.0 trillion projected by an MNI survey.
- M2 expanded at 8.0% y/y, a level many economists regard as the minimum to
sustain China's economy. It was below 8.4% forecast, which was also the rate of
increase in January.
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
[TOPICS: MAQDS$,MAUDR$,MAUDS$,M$A$$$,M$Q$$$,M$U$$$,MT$$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.