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MNI BRIEF: China Aug New Loans Beat Estimate, M2 Slows Further

MNI (Singapore)
(MNI)Beijing

China’s aggregate finance jumped in Aug from the previous month as new loans and government bonds issue rose, with M2 continuing to decelerate and shadow banking data surging, the People's Bank of China data showed Monday.

New loans grew CNY1.36 trillion from CNY345.9 billion in July, beating the CNY1.1 trillion expectation. Total social financing grew by CNY3.12 trillion, compared with CNY528.2 billion in July, also higher than the market consensus of CNY2.6 trillion. The outstanding TSF rose by 9% in Aug from the 8.9% growth registered in July.

M2 money supply slowed for the sixth consecutive month to 10.6% y/y, the lowest level since April 2022, compared to July's 10.7% and the 10.7% estimate. M1 increased 2.2% y/y, decelerating from July’s 2.3%. Shadow banking transactions increased by CNY100.5 billion compared to a CNY172.4 billion contraction in the previous month.

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