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MNI BRIEF: China Dec M2 Quickens To 9-Month High

MNI (Singapore)
BEIJING (MNI)

China's M2 money supply growth quickened to 9.0% y/y in December from November's 8.5%, hitting the highest level since April 2020 and outshining the median forecast of 8.6%, data released by the People's Bank of China on Wednesday showed. Among the key metrics, M1 growth accelerated to 3.5% y/y from the previous 3.0% gain.

Aggregate financing was CNY2.37 trillion, slightly down from CNY2.61 trillion in November, basically in line with the forecast of CNY2.40 trillion. On an annual basis, it grew 10.3%, compared to 10.1% last month. New loans edged down to CNY1.13 trillion from the previous CNY1.27 trillion, also lower than the median forecast of CNY1.25 trillion.

Shadow banking transactions fell by CNY638.4 billion, compared to the reduction of CNY253.8 billion in November.

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