January 14, 2025 08:02 GMT
MNI BRIEF: China Dec M1 Decline Narrows, M2 Quickens
MNI (BEIJING)
China's M1 money supply drop narrowed further for the third consecutive month in December amid the recent housing market recovery, data released Tuesday by the People's Bank of China showed.
M1 continued to contract, falling for a ninth straight month in December, though with the decline narrowing to -1.4% from the previous -3.7%. Growth in M2 was 7.3% y/y, up from November's 7.1% growth and meeting the 7.3% forecast.
Banks extended CNY990 billion in new loans in December, up from November's CNY580 billion. Total social financing rose by CNY2.86 trillion, higher than growth of CNY2.34 trillion in November. Shadow banking transactions decreased by CNY120 billion, compared to a CNY81.8 billion expansion the previous month.
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