MNI BRIEF: China April M2 Unexpectedly Slows To Record Low
China's M2 money supply slowed more than expected to 7.2% y/y, hitting a new low since the data was first recorded in 2009, while aggregate finance declined for the first time in about two decades, data released by the People's Bank of China showed Saturday.
M2 was lower than the 8.3% estimate, and the previous 8.3% read. M1 decreased by 1.4% y/y, compared to March's 1.1% print.
Banks extended CNY730 billion in new yuan loans in April, sharply declining from March's CNY3.09 trillion. Total social financing declined by CNY200 billion in April, recording the first contraction since October 2005. Outstanding TSF rose by 8.3% by the end of April, compared with the previous 8.7%.
Shadow banking transactions decreased by CNY425.4 billion, compared to a CNY376.7 billion expansion the previous month.